Angola’s first oil refinery after independence, the Cabinda Refinery, is set to be officially commissioned in September 2025, President of the Republic, João Lourenço, has revealed.
The President was speaking in Benguela during the weekend.
The construction of the refinery started around 2020, with an initial capacity to produce 30,000 barrels of oil per day.
There are plans to scale up production from 30,000 to 60,000 barrels of oil per day.
The refinery was financed at a cost of $473 million, with $138 million in equity provided by the project sponsors, while a $335 million facility was led by the Africa Finance Corporation, the African Export-Import Bank, and a consortium of international and local financial institutions.
The project aims to reduce Angola’s dependence on the import of refined petroleum fuels.
The project is part of a strategy of the Angolan Executive to reduce Angola’s dependence on importing oil derivatives, optimizing refinement in the country.
The Cabinda refinery is a joint venture between the UK-based asset management company Gemcorp and Angola’s national oil company, Sonangol.
Source: https://energynewsafrica.com
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