September 23, 2026 [Oil Price]- Kenya will break ground on the Dangote-backed East Africa Oil Refinery in Lamu on September 30, 2026. The project, estimated to cost between $17 billion and $20 billion, aims to process 700,000 barrels of crude oil daily and serve multiple East African nations. Financing currently totals $1.6 billion, with Tanzanian billionaire Mohammed Dewji contributing $100 million. The Dangote Group has offered a 30% equity stake to East African countries. Competing with this project is a $20 billion energy hub in Tanga, backed by Tanzania and Uganda. Completion is anticipated around 2029-2030.

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