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Nigerian president's ally Dangote acquires second oil refinery
AFP
ABUJA
Petroleumworld.com 05 29 07Nigerian businessman Aliko Dangote Monday acquired a controlling stake in a major oil refinery for an undisclosed sum, his second such acquisition in the space of a few days, officials said.
Bluestar Oil Services Consortium, led by the Dangote group, acquired a 51 percent stake in the Kaduna Refining and Petrochemical Company.
Officials with Nigeria's privatisation agency, the Bureau for Public Enterprises, refused to give financial details of the transaction until the end of a ceremony scheduled for later Monday.
Some 10 days ago, the same consortium, with China's SINOPEC as technical operator, paid 561 million dollars for a 51 percent stake in the country's largest refinery, the Port Harcourt Refining Company.
Dangote is a major financier of the ruling People's Democratic Party and a close ally of outgoing President Olusegun Obasanjo.
As well as Dangote, best known for sugar and flour milling, Bluestar also comprises Zenon Oil, an importer of refined products, and Transnational Corporation of Nigeria (Transcorp), two other companies which are close to Obasanjo.
Nigeria has four oil refineries, none of which works. It therefore relies on imports for its refined products, despite being the largest crude oil producer in Africa.
AFP 28 1945 GMT 05 07
Copyright© 2007 AFP. All Rights Reserved.
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