Mitsui Chemicals Expands Into Africa

On August 21, Mitsui Chemicals announcedSigned a Memorandum of Understanding with Nigeria's Dangote and consultancy firm AAIC Holdings to explore the possibility of cooperation in Africa, particularly in Nigeria.

Dangote Industries Limited, established in 1981, is a diversified manufacturing enterprise that owns the largest oil refinery in Africa. The refinery is designed with a daily crude oil processing capacity of 650,000 barrels, capable of refining approximately 32.5 million tons of crude oil annually. Once operational, it can meet 100% of Nigeria’s demand for all refined products, with surpluses of each product available for export. Reportedly, after 11 years of extensive preparation and a massive investment of $23 billion, the refinery began operations early last year. It will produce gasoline and diesel that meet European standards, as well as aviation fuel and polypropylene. This is expected to have a significant impact on European refineries that have long exported fuel to Nigeria, with local gasoline imports projected to drop to their lowest level in eight years.

Moreover, thanks to the project gradually getting on track, the personal wealth of the group's founder, president, and CEO Alhaji Aliko Dangote, Africa's richest man, soared to $23.8 billion, nearly doubling compared to last year.

Dangote hopes his project can serve as a blueprint for the industrialization of the entire African continent. He said, "We must rely on ourselves to build our countries and our continent, rather than depend on foreign investment." He believes that for a long time, Africa has merely been "a dumping ground for finished products," and his refinery is "a crucial step to ensure Africa has autonomous refining capabilities, thereby creating wealth and bringing prosperity to Africa's vast population."