<\/p>\n
Standard Bank Group has indicated that it intends to play a leading role in the planned initial public offering (IPO) of the Dangote Petroleum Refinery, while also signalling its willingness to support future expansion projects undertaken by the Nigerian industrial group across Africa.<\/p>\n
The commitment was made during a visit by Standard Bank Group chief executive Sim Tshabalala and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.<\/p>\n
Read:
Iran war oil disruption prompts Nigeria producers to lift output
Aliko Dangote\u2019s group eyes more dollar bond sales to fund growth<\/p>\n
Tshabalala described the refinery as a transformational project for both Nigeria and the wider African continent.<\/p>\n
\u201cWe are here because the Dangote Group is a large and important global player and a significant force on the African continent,\u201d he said.<\/p>\n
\u201cStandard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives. We are here to lend support \u2026 [and see] how we can continue supporting the group\u2019s growth ambitions.\u201d<\/p>\n
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Read:
Dangote vows to build Nigeria-style oil refinery in East Africa
Dangote expands planned Ethiopian fertiliser plant to $4bn<\/p>\n
Referring to the refinery\u2019s planned listing, Tshabalala said: \u201cAs Dangote lists, there is an IPO coming up and we are a leading player in that process.\u201d<\/p>\n
\nHe added: \u201cAs the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.\u201d<\/p>\n<\/blockquote>\n
Tshabalala the refinery was already contributing to Nigeria\u2019s economy.<\/p>\n
\u201cThis is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria\u2019s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,\u201d he said.<\/p>\n
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Tshabalala\u2019s visit coincided with an operational milestone for the refinery, which has exceeded its original design capacity.<\/p>\n
Read: Standard Bank overtakes Capitec, FirstRand as Africa\u2019s most valuable bank<\/p>\n
According to David Bird, managing director and CEO of the Dangote Petroleum Refinery, the facility recently completed performance test runs at 700 000 barrels a day, above its nameplate capacity of 650 000 barrels a day.<\/p>\n
\u201cWe have always believed there was engineering flexibility built into the design,\u201d he said.<\/p>\n
\u201cAchieving sustained production of 700 000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.\u201d<\/p>\n<\/p><\/div>\n
#Standard #Bank #play #key #role #Nigerias #Dangote #refinery #IPO<\/p>\n","protected":false},"excerpt":{"rendered":"
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