Dangote Industries has signed a memorandum of understanding (MoU) with Japan’s Mitsui Chemicals to jointly produce petrochemicals in Nigeria. The partnership will utilize feedstock from Dangote’s 650,000-barrel-per-day refinery, with Mitsui Chemicals transferring technology for resins and fertilizers to the planned joint venture.
According to Mitsui Chemicals, “We will jointly explore concrete possibilities to contribute to strengthening the living foundations and developing regional industries in African countries, including Nigeria.” The MoU was signed during the Tokyo International Conference on African Development in Yokohama.
The partnership marks a significant step for Dangote’s expansion into the petrochemical sector, leveraging its own refinery’s raw materials. Mitsui Chemicals will bring its experience from its resin and PET production joint venture with Siam Cement Group in Thailand.
Dangote has been expanding its refining business, recently enlisting former Shell executive David Bird as its first CEO and securing a $4 billion loan led by the African Export-Import Bank. The company plans to grow its oil refining capacity to 700,000 bpd and establish satellite storage hubs in countries like Namibia
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post