Economy
Ethiopian PM Abiy Ahmed Attends Lamu Oil Refinery Project Launch
Borkena · 5 hours ago · Read the Full Story on Borkena
AI SUMMARY
Prime Minister Abiy Ahmed joined regional leaders in Kenya for the foundation stone-laying ceremony of the 16 billion dollar Lamu oil refinery project.
- Prime Minister Abiy Ahmed arrived in Nairobi, Kenya, for the foundation stone-laying ceremony of the Lamu oil refinery.
- The oil refinery project requires an estimated investment of approximately 16 billion dollars.
- Nigerian billionaire Aliko Dangote holds the lead equity share of 70 percent in the project.
- The governments of Kenya, Ethiopia, and Rwanda have each been invited to hold a 10 percent equity share.
- The facility has the capacity to refine up to 700,000 barrels of crude oil per day.
- Construction of the refinery is expected to create approximately 60,000 jobs in Kenya.
- The project will take three years to complete.
- Upon completion, the refinery will supply gasoline, diesel, and jet fuel to eight market destinations across East and Central Africa, including Kenya, Ethiopia, Uganda, Tanzania, Rwanda, Burundi, South Sudan, and the Democratic Republic of Congo.
- Establishing the refinery at Lamu port provides a closer fuel supply solution for countries like Ethiopia.
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