Dangote Acquires 25% Stake in Kenya Pipeline Company

Aliko Dangote said his company had acquired a 25% stake in Kenya Pipeline Company in a deal valued at approximately $327 million. Announced at the Financial Times Africa Summit in London, the investment is intended to facilitate the distribution of petroleum products. The deal comes as Dangote prepares a $16 billion refinery in Lamu with President William Ruto; the facility is designed to process 700,000 barrels of crude oil per day and is expected to be commissioned in 40 months. Earlier this year, Kenya sold a 65% stake in Kenya Pipeline Company in its first major share sale in two decades.