Nigeria’s mega-capacity refinery under construction
Renewed US–Iran strikes and a US naval blockade have pushed oil above $90 a barrel and cut tanker traffic through the Strait of Hormuz. Shipping, insurance and refining costs have surged faster than crude, lifting diesel and jet-fuel premiums and pushing US pump prices toward $4 a gallon; analysts warn sustained disruption will force further price rises.
Dungote Petroleum Refinery and Petrochemicals has launched an IPO for roughly 3% of the plant, aimed at broadening ownership among Nigerians. The IPO opened today with a minimum subscription of 10 shares at 5,250 naira per share. Regulators and analysts warn about currency risk and the possibility of share price volatility as the offer runs through October.