Tuesday, August 27, 2013

Dangote group seeks $3.3 billion in financing to build $9 billion refinery

Aliko Dangote - founder and CEO of the Dangote Group

(Reuters) - The Dangote Group said on Tuesday it will borrow US$3.3 billion to build a US$9 billion oil refinery and petrochemical complex in Nigeria, Africa's top oil producer and second largest economy.

The Dangote group, with interests ranging from cement to basic food processing to oil and gas, also said it was seeking a further US$2.25 billion from development funds for the project, into which it would put US$3.5 billion of its

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