A massive new investment in oil refining has been announced at the 10 African Refiner’s Conference being held in Cape Town. The Dangote Group named after Africa’s richest man, Aliko Dangote, says it will be building a new nine billion dollar facility in Lagos, Nigeria. The refinery that will deal with half a million barrels per day and is expected to come on stream in two years time. A massive concern for the continent is that Africa exports crude oil and has to import it back once it’s been refined to make fuel.At the conference more than 500 delegates from across the globe are being adressed by oil experts until Wednesday.
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