As part of its plan to increase its footprint in Africa, Nigerian energy and infrastructure conglomerate, Sahara Group, is set to acquire French oil major, Total’s stakes in three African refineries.
The three refineries – which run predominantly on Nigerian crude – are located in Cameroon, Ivory Coast and Senegal.
Speaking on the sidelines of a conference in Cape Town, the Sahara Group’s Co-Founder and Executive Director, Tope Shonubi, confirmed that the companies had begun the negotiation process, adding that this investment in refinery infrastructure would be key for Sahara and that it intends to upgrade the facilities.
“Our objective is to upgrade all these refineries. It is strategic for us to be shareholders; it is strategic to ensure that because of our participation in the value chain and both in the crude supply and in products we have to make sure we have to maximise what we are doing,” he said.
In other efforts to increase its presence in Africa, Sahara is also currently in talks to acquire a 70 percent stake in the 25,000 barrels per day Indeni refinery from the Zambian government. The deal is expected to come to a close in the coming months.