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HomeTop NewsAliko Dangote eyes investment in Cameroon oil & gas sector

Aliko Dangote eyes investment in Cameroon oil & gas sector

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Aliko Dangote, Africa’s richest person, said he plans to diversify his group’s investments in Cameroon, starting with oil and gas sector of the central African country.

Dangote currently operates cement plants in Cameroon, Dangote Cement Cameroon SA, part of Dangote Cement Group which was commissioned six years ago, and has boosted domestic cement production and reduced partly the domestic deficit.

“We have plans to expand our investment to other sectors beginning with oil and gas,” Dangote told reporters Wednesday after meeting Cameroonian President Paul Biya in the capital, Yaounde.

He didn’t provide further details.

Dangote is currently building what will become the biggest petrochemical refinery in Lekki Area of Lagos to refine about 650,000 barrels of oil per day and ending Nigeria dependent on gasoline importations.

The $17 billion refinery is expected to start production by the first quarter of next year.

READ ALSO: Goods in transit to Nigeria stranded at Aflao-Lomé border after Benin Rep closes border

The Nigerian billionaire, the founder of the multinational industrial conglomerate Dangote Group, also announced his company will double cement production in Cameroon.

Dangote opened a 1.5 million-ton cement grinding facility in the central African nation in March 2015 that ended a 40-year French monopoly in the industry.

Dangote isn’t the only entity eyeing Cameroon’s oil sector.

Africa-focused Savannah Energy and Exxon Mobil Corp are in exclusive talks over the sale of Exxon’s interest in energy assets in Cameroon and Chad.

The British oil and gas producer is proposing to buy a 40 percent operated interest in the Doba oil project in Chad, and a 40% interest in the Chad-Cameroon oil transportation pipeline.

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