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Kewaunee Scientific Corporation Announces Continued Backlog Growth with Dangote Refinery Contract
STATESVILLE, N.C., March 9, 2022 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU), a recognized global leader in the design, manufacture, and
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., March 9, 2022 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU), a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products, today announces that the Company's Indian subsidiary has been awarded a $17.3 million contract for laboratory furniture and equipment, by the Dangote Oil Refinery Company Limited (hereinafter \"Dangote Oil\"), located in Lagos, Nigeria (https://www.dangote.com//). \n\n \n \n \n \n \n \n\n \nThe Dangote Oil Refinery is a 650,000 barrels per day integrated refinery project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be Africa's largest oil refinery and the world's largest single-train facility when completed. The refinery is intended to meet 100% of the Nigerian requirement for all refined products and have a surplus for export. Dangote Petroleum Refinery is a multi-billion-dollar project that Dangote Oil believes will create a market for $11 Billion per year of Nigerian crude oil. \nAs mentioned in Kewaunee's third quarter earnings release, the Company's order backlog was $138.1 million on January 31, 2022, increasing from $103.0 million on January 31, 2021, and $114.5 million on April 30, 2021. The Dangote Oil award was not included in these reported amounts and will be reflected in the Company's order backlog when it reports earnings for the fourth quarter of the Company's 2022 fiscal year. Kewaunee expects that the inclusion of this award will result in the Company reporting another record order backlog. The Dangote Oil project will be reported within the Company's International Segment and is expected to be delivered over the next eighteen months.\n\"The African market has always been a market that we expected to begin generating laboratory opportunities as the continent continues to develop and invest in infrastructure requiring these types of spaces,\" said Mr. B. Sathya Murthy, Managing Director & Vice President – International Operations, Kewaunee Scientific Corporation. \"The Kewaunee International team possesses market leading design, manufacturing, and installation capabilities which make possible the delivery of large, complex projects like Dangote Oil on a turnkey basis. We are excited for this opportunity to showcase Kewaunee's capabilities on such a hig...