Dangote Petroleum Refinery and Petrochemicals is planning to list its shares on the New York Stock Exchange after completing a major expansion that will double its crude-processing capacity to 1.4 million barrels per day by the first quarter of 2029.

The company’s founder, Aliko Dangote, disclosed the plan during the Qatar Economic Forum, saying the New York listing would come after the refinery completes its expansion and first secures a primary listing in Nigeria.

The refinery currently has the capacity to process about 700,000 barrels of crude daily. The planned expansion is expected to increase that figure to 1.4 million barrels per day.

Dangote Refinery is currently seeking to raise up to $1.6 billion through an initial public offering in Nigeria to finance the expansion. The Nigerian offering, which is expected to become one of the country’s largest IPOs, opened in September and is scheduled to close on October 13.

Dangote said the company would first complete its Nigerian listing before pursuing a secondary listing in New York.

He explained that the US listing would enable the refinery to attract a broader range of international investors beyond the African market.

The company is also working with financial institutions to enable Nigerians and other Africans living outside Nigeria to participate in its Nigerian share offering.

Meanwhile, Dangote Industries is pursuing wider expansion plans across Africa, including a proposed 700,000-barrel-per-day refinery in Kenya.

The group is also developing pipeline infrastructure to transport petroleum products to landlocked African countries, with plans for major pipeline projects linking countries in East and Southern Africa.