Africa’s richest businessman, Aliko Dangote, has disclosed that the proposed oil refinery his company plans to build in Kenya will cost between $15 billion and $17 billion.

Speaking on the project, Dangote said the planned refinery will have a processing capacity of 700,000 barrels of crude oil per day, making it one of the largest refining facilities on the African continent when completed.

The refinery is expected to be located in Lamu on Kenya’s coast and is designed to help reduce the region’s reliance on imported refined petroleum products. It is also expected to improve fuel security and support economic growth across East Africa.

Dangote said the project will be financed through a combination of the company’s cash flow, bond issuances and proceeds from a planned initial public offering of its refining business. Construction is expected to take several years due to the scale of the investment.

The planned Kenya refinery builds on the success of the company’s refinery in Lagos, Nigeria, which has become a major supplier of refined petroleum products to domestic and export markets. The new investment is expected to strengthen refining capacity in East Africa while expanding Dangote Group’s presence across the continent.