Angolan President João Lourenço is set to commission the Cabinda Refinery today, Monday, September 1, marking a major milestone in the country’s ongoing drive for energy independence and economic diversification.
The refinery, a joint venture between Angola’s state-owned oil company Sonangol and private investment firm Gemcorp, was developed at a total cost of $473 million.
Out of this amount, $138 million was provided in equity by the project sponsors, while a $335 million debt facility was led by the Africa Finance Corporation, the African Export-Import Bank, and a consortium of international and local financial institutions.
Designed to eventually reach a total processing capacity of 60,000 barrels of oil per day, the refinery will begin operations with an initial output of 30,000 barrels per day.
Key products to be refined include diesel, aviation fuel, and other petroleum derivatives.
This is expected to not only increase the availability of refined fuels in the domestic market but also reduce Angola’s dependence on costly fuel imports.
The government also aims to position the country as a regional hub for refined petroleum exports, especially to neighboring countries.
According to the Angolan Minister for Mineral Resources, Petroleum and Gas, the Cabinda Refinery has already created 3,300 direct jobs and led to the training of 700 national executives.
“In the coming months, more than 5,000 qualified technicians are expected to be trained, reinforcing the socio-economic impact of this project for both the province and the country,” the ministry stated in a post on Facebook.
The Cabinda Refinery is part of a broader national strategy to modernize Angola’s energy infrastructure and maximize the value of its natural resources.
The project also aligns with the government’s commitment to improving local content, boosting job creation, and stimulating industrial development in regions beyond the capital, Luanda.
The commissioning is expected to draw participation from senior government officials, industry stakeholders, and international partners, underscoring the strategic importance of the refinery for Angola’s long-term energy goals.
Source: https://energynewsafrica.com
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