May 23, 2018

Dangote eyes Morocco phosphate deal

Dangote eyes Morocco phosphate deal

Dangote Group, the company owned by Africa’s richest man Aliko Dangote, said on Monday it planned to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant.

Dangote has raised a $3.3 billion loan to develop a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s biggest economy and top oil producer. The group has invested $3.5 billion of its own equity. Dangote told a business forum in Lagos his firm was close to signing a deal with a Moroccan firm to supply phosphate, without giving details.

He also said his planned oil refinery would have a capacity of 650,000 barrels per day (bpd), up from an initial plan of 400,000 bpd. “We can actually build … 30 percent cheaper than previously,” Dangote said, referring to lower construction cost as a result of cheap global steel prices. Read more

 

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *