Dangote Petroleum Refinery plans to pursue a listing on the New York Stock Exchange after expanding its refining capacity to 1.4 million barrels per day by 2029.
Aliko Dangote, chairman of Dangote Industries Limited, said the refinery will first pursue its primary listing in Nigeria before seeking a listing in the United States following the completion of its expansion.
The Lagos-based refinery currently has a refining capacity of 700,000 barrels of crude oil per day. The planned $14.3 billion expansion is expected to double that capacity to 1.4 million barrels per day by the first quarter of 2029, potentially making it the world’s largest refinery by capacity.
The proposed US listing would follow Dangote Refinery’s ongoing initial public offering on the Nigerian Exchange. The IPO is seeking to raise about $1.6 billion to help fund the refinery’s expansion and is expected to become Africa’s largest-ever IPO.
Dangote said the international listing would broaden the refinery’s investor base beyond Africa as the company expands its operations and strengthens its position in the global energy market.
The refinery, which began operations in 2024, has already reached its current 700,000-barrel-per-day capacity and has emerged as a major supplier of refined petroleum products to Nigeria and international markets.
The planned New York listing would mark another major step in Dangote Refinery’s expansion from a Nigerian industrial project into a globally traded energy company.
