Tanzania, Aug. 20 -- Dar es Salaam. Dangote Petroleum Refinery and Petrochemicals (DPRP) has secured $600 million through a private placement, marking the first phase of a broader $1 billion underwriting programme ahead of a planned initial public offering (IPO).

The transaction, announced by the refinery's co-financial advisers Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group on Tuesday, is expected to broaden investor participation in one of Africa's largest downstream energy projects, according to a statement.

The $1 billion underwriting programme comprises the completed $600 million private placement and a further $400 million underwriting commitment to support the planned IPO.

The $400 million commitment, provided...