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Africa’s richest man, Aliko Dangote, is extending his industrial footprint beyond oil refining into the global petrochemical sector through a new partnership with a leading Japanese firm.
The deal, which aimed to encourage wider Japanese corporate participation in Africa’s petrochemical market, was announced this week during the Tokyo International Conference on African Development in Yokohama and marks a major diversification move for Dangote Industries.
Under the memorandum of understanding facilitated by consulting firm, AAIC Holdings, Dangote will leverage feedstock from its 650,000-barrel-per-day refinery in Lagos to produce high-value petrochemical products.
Yoshinori Andou, Senior Managing Executive Officer of Mitsui Chemicals; Devakumar V. G. Edwin, Vice President of Dangote Industries Limited; and Susumu Tsubaki, Representative Director of AAIC, represented their respective companies at the signing of the Memorandum of Understanding (MOU).
According to details released by S&P Global, Japanese partner Mitsui Chemicals revealed that the venture will focus on producing resins, plastics, and fertilizers, with the company providing the required technology and expertise.
The deal, which aimed to encourage wider Japanese corporate participation in Africa’s petrochemical market, was announced this week during the Tokyo International Conference on African Development in Yokohama and marks a major diversification move for Dangote Industries.
Under the memorandum of understanding facilitated by consulting firm, AAIC Holdings, Dangote will leverage feedstock from its 650,000-barrel-per-day refinery in Lagos to produce high-value petrochemical products.
Yoshinori Andou, Senior Managing Executive Officer of Mitsui Chemicals; Devakumar V. G. Edwin, Vice President of Dangote Industries Limited; and Susumu Tsubaki, Representative Director of AAIC, represented their respective companies at the signing of the Memorandum of Understanding (MOU).
According to details released by S&P Global, Japanese partner Mitsui Chemicals revealed that the venture will focus on producing resins, plastics, and fertilizers, with the company providing the required technology and expertise. (Business Insider Africa)
