Announced
Financials
Sources
Tags
Private
Single Bidder
Friendly
Pending
oil refinery
Minority
Acquisition
Domestic
Nigeria
Oil Refining and Marketing
Synopsis
Nigerian National Petroleum, a state-owned oil corporation, agreed to acquire a 20% stake in a Lagos oil refinery from Dangote, a Nigerian multinational industrial conglomerate, for c$3.8bn. NNPC still needed cabinet approval for the plan, but said the value of having a stake in what would be the largest oil refinery in Africa was worth the cost.
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