Dangote Eyes World’s Biggest Refinery Slot with 1.4m bpd Expansion Plan

…To Outpace India’s Jamnagar 1.36 bpd Refinery with NGX Listing, Global Partnerships

Aliko Dangote, Africa’s richest man and founder of the Dangote Group, is steering the Dangote Petroleum Refinery toward becoming the world’s largest refining complex, with plans to boost output to an unprecedented 1.4 million barrels per day (bpd), surpassing the 1.36 million bpd capacity of India’s Jamnagar refinery.

Speaking with S&P Global on October 20, Dangote revealed that the refinery’s expansion drive is part of a broader restructuring strategy that includes selling 5–10 per cent of the company’s shares on the Nigerian Exchange (NGX) within the next year. The move, he said, mirrors the successful listings of Dangote Cement and Dangote Sugar Refinery, both of which remain flagship entities on the Nigerian stock market.

“We don’t want to keep more than 65–70 per cent ownership,” Dangote said, explaining that share sales would be gradual and guided by investor appetite and market conditions.

Beyond the local listing, the billionaire industrialist disclosed ongoing talks with Middle Eastern firms for strategic partnerships aimed at expanding the refinery’s reach and supporting a new petrochemical project in China.
“Our business concept is changing,” he explained. “Instead of being 100 percent Dangote-owned, we’ll have other partners.”

Dangote also hinted that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2 percent stake after reducing its earlier interest, could increase its shareholding in the future, but only after the next phase of growth is fully operational.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.

The refinery, which began production earlier this year at 650,000 bpd, had initially planned to reach 700,000 bpd by the end of 2025. However, new projections now set a much more ambitious goal: 1.4 million bpd, which would place it firmly ahead of Jamnagar, currently the world’s largest refining complex.

In addition to refining crude oil, Dangote said the company is investing in the production of linear alkylbenzene and base oils, while also planning to raise polypropylene output from 1 million metric tonnes to 1.5 million metric tonnes annually in the coming years.

On operational matters, Dangote acknowledged that while most of the refinery’s technical challenges have been resolved, some minor issues remain.

“We’ve resolved most, not all, but most of the problems,” he said. “We’re looking for a window to shut down for about a month for maintenance, but it will be timed to avoid the end-of-year surge in fuel demand.”

The industrialist also addressed the recent dismissal of 800 staff members, describing it as part of a necessary reorganisation to streamline operations.

“The reorganisation is almost complete, and we don’t have any worries with the unions,” Dangote assured.

Meanwhile, production from the group’s upstream assets in the Niger Delta, OML 71 and 72, is set to commence this month, with expected output of up to 40,000 barrels per day. Dangote added that while the group remains open to new upstream ventures, its immediate focus is on consolidating existing operations.