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Dangote Group Considers Acquisition of Oil Blocks

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The Dangote Group, a conglomerate of manufacturing companies owned by Aliko Dangote, Africa’s richest man, is considering purchasing oil fields in Nigeria. The planned purchase comes in the wake of news that international oil companies in Nigeria plan to sell their onshore assets in the country.

Dangote Group is making moves to set up a $9 billion oil refinery and petrochemical complex in Ondo state, and as such it needs to acquire a stable supply of crude oil and gas.

Mr. Devakumar Edwin, Executive Director of Dangote Group, told Bloomberg, 17th of January, that the company requires energy for its cement plants in Africa in addition to other purposes. Edwin pointed out that the Group was engaging in talks with some of the international oil firms that intends divesting from the Nigerian oil industry but did was not specific on which of the companies were involved.

Bloomberg notes that Royal Dutch Shell plc, San Ramon and Chevron Corporation (U.S.A) are some of the international oil firms that have begun selling onshore and shallow water fields in the country. Their divestment from Nigeria, explained Bloomberg, stems from the irregularities in the oil-producing region that has made it somewhat cumbersome for the companies to continue operating in the oil fields.

 

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