Aliko Dangote, founder of the Dangote Group, has revealed plans to sell a minority stake in his multi-billion-dollar refinery as part of a plan to double its capacity, transforming it into the world’s largest refining complex.

Speaking in an interview with S&P Global, Dangote said the move will mirror the approach adopted for Dangote Cement and Dangote Sugar Refinery – the same sentiment shared at BusinessDay’s 17th CEO Forum in July.

The founder said that the Dangote Petroleum Refinery plans to sell 5 percent to 10 percent of its stake on the Nigerian Exchange (NGX) Limited within the next year.

“We don’t want to keep more than 65 percent–70 percent,” Dangote said.

According to him, the shares would be offered gradually, depending on investor appetite and market depth.

The billionaire added that the group is exploring strategic partnerships with Middle Eastern firms to help finance the refinery’s expansion and a new petrochemicals venture in China.

“We have to build the refinery again, either here or somewhere else. But really, somewhere else is not possible because we’d have to go and spend so much building infrastructure, and we have the infrastructure already here,” Dangote said in an exclusive interview with Platts.

Initially designed with room for growth, the refinery, already boasting the world’s largest crude distillation unit and a custom-built port, is set to increase its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year.

The new goal, however, is to double production to 1.4 million bpd, surpassing Reliance Industries’ Jamnagar refinery in India, currently the world’s largest at 1.36 million bpd.

Engineers at the Lekki complex said the expansion could involve constructing a second refinery with a similar configuration, potentially adding a vacuum distillation unit to enhance yields.

Dangote also disclosed plans to expand polypropylene capacity from 1 million to 1.5 million metric tonnes annually and to pursue new petrochemical ventures, including linear alkylbenzene and base oils projects.

Despite global forecasts by the International Energy Agency suggesting an oversupply of refining capacity by 2030, driven mainly by China and India, Dangote insists that Africa must not remain dependent on imported fuel.

“Most African governments will not have the capacity to build a refinery,” he said, describing smaller projects like Angola’s Cabinda refinery as “a drop in the ocean.”

He added, “In places where interest rates are 30 percent, some countries 20 percent, the cost of funding is high. And the infrastructure is zero.”

The Dangote Group recently secured a $4 billion financing agreement in August, easing previous debt concerns. However, the expansion plan requires additional funding, prompting the company to seek strategic partnerships, particularly from Middle Eastern investors.

“Our business concept is going to change. Now instead of being 100 percent Dangote-owned, we’ll have other partners,” Dangote said, noting that collaboration will help drive the refinery’s next phase of growth.

As part of the strategy, Dangote revealed plans to list between 5 percent and 10 of the refinery’s shares on the Nigerian Stock Exchange within the next year.

“We don’t want to keep more than 65 percent-70 percent,” he said, explaining that shares would be offered gradually, depending on investor interest and market depth.

The Nigerian National Petroleum Company (NNPC) currently holds a 7.2 percent stake in the refinery, having trimmed its earlier interest.

Dangote said the state oil company could increase its holding in the future, but only after the next stage of expansion is underway.

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

The expansion announcement comes amid efforts to stabilise operations after a string of technical setbacks. The refinery’s residue fluid catalytic cracker (RFCC), critical for gasoline production, was briefly taken offline in September following a three-week turnaround in August.

Devakumar Edwin, Vice President overseeing refinery operations, confirmed the RFCC restarted around October 7 and would soon return to full capacity. “We have resolved most, not all, but most of the problems,” Dangote said, adding that another maintenance window is being considered.

Supply concerns have also eased following a crude-for-naira swap deal with NNPC, which provides the refinery with 14 crude cargoes in exchange for refined products. Additionally, Dangote’s upstream assets, Oil Mining Lease (OML) 71 and 72, are expected to start production this month, adding up to 40,000 bpd to the refinery’s crude feedstock. (BusinessDay, but headline rejigged)