The Dangote Petroleum Refinery is expected to become the world’s largest refinery by 2028 following a planned expansion of its production capacity, Chairman of Dangote Group, Aliko Dangote, has said.

Dangote made the disclosure on Monday at the preliminary signing ceremony for the refinery’s proposed initial public offering, describing the planned listing as a major milestone for the company, Nigeria and Africa.

The refinery currently has a capacity of 700,000 barrels per day, making it Africa’s largest refinery and the world’s biggest single-train refining facility. The planned expansion is expected to move it to the top position globally.

Dangote said the refinery project, which began more than a decade ago, was supported by financial institutions that believed in the venture from its early stages.

He said the development forms part of Dangote Group’s broader Vision 2030 strategy to accelerate industrialisation across Africa, stressing that dependable energy supply is essential to achieving the goal.

According to him, the group is focusing on strengthening Nigeria’s energy security while expanding its industrial investments across the continent, including projects in Ethiopia, Kenya, Tanzania and Namibia.

On the proposed IPO, Dangote said the share offering would be open to investors without restrictions, expressing a desire for people across Africa to participate in the ownership of the refinery.

Chief Executive Officer of Dangote Refinery, David Bird, said the facility currently supplies refined products to Nigeria and other West African markets and has also expanded its presence internationally.

Bird said the refinery has become the largest supplier of jet fuel to Europe and has helped ease the effects of fuel supply disruptions linked to conflicts in the Middle East and Ukraine.

He added that the facility can process different grades of crude and supply several international markets, placing it among the five or six largest refineries globally.

Bird said the planned expansion has already gone through the sponsorship, engineering and procurement stages, with construction now the major outstanding phase.

He expressed confidence that the construction would be completed by 2028, allowing the Dangote refinery to become the world’s largest integrated refinery and petrochemical complex.