Aliko Dangote, Nigeria’s wealthiest businessman, is soliciting billions of {dollars} to extend crude oil provides for his $20 billion refinery in Lagos, Nigeria. Based on a report by the Monetary Instances, Dangote is in talks with banks, improvement lenders, and oil merchants to safe the funds, which he must stabilize provide to the refinery and guarantee it achieves full operational capability. Final month, the corporate reached an settlement with Nigerian authorities for the provision of 365,000 barrels per day of crude oil to the refinery. Given the refinery can refine 650,000 barrels of crude day by day, it requires an extra 285,000 barrels to succeed in full operational capability. Nonetheless, securing a provide of 300,000 barrels per day will price roughly $2 billion each 90 days, therefore, the fundraising. The corporate has already sourced crude from the US and Brazil. It has additionally initiated discussions with Libya and Angola to produce crude to the refinery.
SOURCE: NAIRAMETRICS