New Delhi [India], September 22 (ANI): Engineers India Limited (EIL) has bagged an order worth over USD 450 million (Rs 4,300 approx.) crore from Lagos based Dangote Group for a greenfield refinery and petrochemical plant in Kenya, the company said in an exchange filing on Tuesday.
The engineering consultancy organisation, which operates under the Ministry of Petroleum and Natural Gas, said that once completed, the project will help strengthen fuel production in East Africa, reduce dependence on imports and bolster regional energy security, while also supplying petroleum products to global markets.
EIL also noted that Dangote Group is expanding its presence in East Africa. To cater to regional demand and process a wider range of crude grades, the group is setting up a state-of-the-art 700,000 barrels-per-day (BPD) greenfield refinery and petrochemical plant in Kenya.
“Believing in EIL's Engineering and Project Management excellence, the Dangote Group has once again joined hands with EIL in this endeavor and signed a Contract Agreement of value in excess of USD 450 Million to engage EIL as PMC and EPCM Consultant for this prestigious Project,” the exchange filing read.
The company has previously partnered with the Dangote Group as Project Management Consultant (PMC) and EPCM consultant for the 650,000 barrels-per-day (BPD) Dangote Refinery and Petrochemical Complex at the Lekki Free Zone, which has since been commissioned as per the filing.
Also, it is also working on the refinery’s expansion to 1.4 million BPD, a project expected to significantly expand Africa’s refining capacity.
Dangton Group is a Nigerian multinational conglomerate with operations spanning upstream oil and gas, mining, petrochemicals, fertilisers, cement, sugar and food. The group operates across 17 African countries.
At the time of reporting, EIL shares were trading at around Rs 302.80 apiece, up Rs 17.70, or 6.21 per cent, from the previous close of Rs 285.10. The stock also hit a 52-week high of Rs 304.60 today, according to BSE data. (ANI)
EIL bags over USD 450 million order from Dangote Group for Kenya refinery project
