President of Angola, João Lourenço and President/CE, Dangote Industries Limited, Aliko Dangote, during an investment meeting of building cement factories, oil block acquisition in Luanda, Angola

With the success of his humongous 650,000 barrels per day refinery and petrochemical plant, located in Lekki Area of Lagos, President of Dangote Group, Aliko Dangote has held talks with Angolan President João Lourenço on how to establish the same facility in that country.

Accordinf to a report by Thisday, Dangote last Tuesday led a strong delegation of his company’s executives and business partners to meet with the Angolan President João Lourenço in the country’s capital, Luanda, to conclude a deal on his involvement in a new refinery project and investments in cement factories.

While President Lourenço and Dangote also, as the report put it further, held talks on the latter’s interest in the establishment of cement factories and acquisition of offshore and onshore oil blocks, the Angolan leader also urged him to invest in agriculture.

Angola had called on interested companies and individuals to invest in its 200,000 barrels per day Lobito Refinery after it launched the public tendering process last August.

During the visit, the billionaire businessman also opened a subsidiary of Dangote Industries in Angola to consolidate his investment drive in multiple sectors.

President Lourenço received Dangote and the members of his entourage in the audience last Tuesday. A source privy to the visit told THISDAY that Dangote’s interest spans multiple sectors, including the Lobito Corridor project, oil and gas, and cement production.

It was also gathered that Dangote also held working meetings with the heads of state-owned oil company Sonangol, the country’s apex regulator of the oil and gas industry, the National Agency of Petroleum, Gas and Biofuels (ANPG), and other entities.

“During the meeting with President Lourenço, Dangote expressed interest in investments in the Lobito Corridor project, acquisition of onshore and offshore oil blocks in Angola, and investment in cement factories. President Lourenço invited Dangote to invest in oil and gas, cement, agriculture and refining,” the source said.

The Lobito Refinery located in Benguela province will have a capacity to process 200,000 barrels per day of crude oil.

Angola had called on interested companies and individuals to invest in its Lobito Refinery after it launched the public tendering process last August.

The proposed corporate governance structure shows that private investors will own a 70 per cent stake, with state oil firm Sonangol controlling a 30 per cent stake.

Dangote’s subsidiary in Angola will oversee operations such as the Lobito Refinery and investments in both oil blocks and cement plants.

It was gathered that Dangote may choose to grab a large chunk of the 70 per cent stake that is up for grabs by private investors.

The multibillionaire businessman, it was learnt, may also explore the opportunity of building another refinery.

THISDAY gathered that before he visited Luanda, Dangote had held a meeting with Ambassador José Bamóquina Zau in Abuja to finalise the visit.

“I appreciate the attention of His Excellency João Lourenço at this moment when Africa must become increasingly united with its people. Angola’s economic situation has improved dramatically. We’re hearing positive reports from those visiting, and this encourages our desire to invest,” Dangote had told the Angolan Ambassador.