Angolan President Joao Lourengo inaugurated the first phase of the Cabinda Oil Refinery in Angola today, signaling a new era of enhanced refining in the country. Representing the second operational refining facility in the country, the Cabinda project was built at a cost of $473 million and is expected to reduce
refined petroleum imports in the country.
Developed by Angola’s national oil company Sonangol (10%) and investment manager Gemcorp (90%), the Cabinda Refinery is designed to produce diesel, Jet fuel, heavy fuel oil and naphtha. A planned second phase will increase refining capacity two-fold, with output reaching 60,000 bpd. Sonangol will provide feedstock for the refinery, with petroleum products returned to the company once processing has been complete
“Today, we can affirm that the Cabinda Refinery is entering its decisive phase and that by the end of the year, Angola will have the first commercial derivatives produced at this facility. What we inaugurated today in Cabinda is much more than a refinery. It is proof that with political leadership, institutional courage, and
technical competence, Angola can produce, transform, and develop its mineral resources while preserving its sovereignty,” stated Diamantino Azevedo, Minister of Mineral Resources, Petroleum and Gas, Angola
The Cabinda Refinery was backed by several financial institutions, including the Africa Finance Corporation, African Export-Import Bank, BADEA, IDC and BFA. Representing the first refinery in Africa to feature a zero-flaring system, the project saw over 200 Angolan companies directly involved in its development.
