Dangote Refinery Plans New York Listing After 2029 Expansion

The Dangote Petroleum Refinery is planning to pursue a listing on the New York Stock Exchange after completing its planned expansion in 2029, marking a potential move onto one of the world’s largest capital markets.

Aliko Dangote, chairman of Dangote Industries Limited, said the refinery would first complete its primary listing in Nigeria before seeking a U.S. listing. “We are doing a primary listing in Nigeria and then we will also hopefully list in New York. But that is after we deliver the expansion” to 1.4 million barrels per day by the first quarter of 2029, Dangote said, according to recent reports.

The refinery currently has a processing capacity of about 700,000 barrels of crude oil per day. Its expansion programme is expected to double that capacity to 1.4 million barrels per day by 2029.

Reuters reported that the expansion is expected to cost about $14.3 billion and is designed to significantly increase the refinery’s production capacity.

Dangote previously said the U.S. listing would come after the expansion, when the refinery has grown substantially in size and production.

The planned international listing follows the refinery’s ongoing Nigerian initial public offering. The company is offering 4.1 billion ordinary shares at ₦525 each, targeting about ₦2.15 trillion. The offer opened on September 14 and is scheduled to close on October 13, with an indicative Nigerian Exchange listing expected later in November.

The Nigerian listing is intended to give local investors an opportunity to participate in the refinery’s ownership as the company expands its operations.

A potential New York listing would give Dangote Refinery access to a much larger international investor base and could increase its visibility among global energy and institutional investors.

However, the U.S. listing remains a future plan rather than a completed transaction. The company has not yet announced a final listing date, exact U.S. exchange structure or the regulatory arrangements that would accompany the proposed listing.

For now, Dangote Refinery’s immediate focus remains its Nigerian IPO and the expansion that is expected to take its refining capacity to 1.4 million barrels per day by 2029.