(Ecofin Agency) - Nigeria's Dangote Oil Refinery is considering a dual listing on the Lagos and London Stock Exchanges. This decision aims to address concerns about the Lagos Stock Exchange's capacity to handle the exclusive listing of the refinery, which aspires to become a key hub for petroleum products in West, Central, and East Africa.

"We have listed all our businesses. The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE," said Devakumar Edwin, director of Dangote Group's petroleum refining division.

The refinery, built with a $20 billion investment, has a capacity of 650,000 barrels per day (bpd). In mid-May, it secured a supply agreement with French energy giant TotalEnergies. This followed a tender to identify suppliers capable of providing two million barrels of West Texas Intermediate (WTI) crude per month for a year starting in July.

This deal comes as the company aims to secure reliable oil supplies. Since April, the refinery has been delivering diesel and jet fuel to oil traders and plans to start its first gasoline deliveries in June.

Operational since January 2024, the Dangote Refinery primarily imports American crude and aims to become a major supplier of petroleum products across West, Central, and East Africa.