Nigerian billionaire Aliko Dangote is set to build a refinery in Kenya with a production capacity of 650,000 barrels per day, Reuters reported, citing the Financial Times.
Dangote was quoted as saying: “I’m leaning more towards Mombasa because Mombasa has a much larger and deeper port.”
The report comes after Kenyan President William Ruto said last month that East African countries were discussing plans to establish a joint refinery in the Tanzanian port city of Tanga.
Dangote estimated that it would cost between $15 billion and $17 billion to build the refinery, the report said.
East Africa currently imports all of its refined petroleum products, mainly from the Middle East, leaving the region vulnerable to supply disruptions and price spikes seen during the U.S.-Israeli conflict involving Iran.
Recently, Dangote also announced plans to build the world’s largest refinery in his home country, Nigeria.
