(3 minutes read)
· Angola is calling interested companies and individuals to invest in its Lobito refinery
· The West African country has initiated the public tendering process for the project. It is spearheaded by country’s oil ministry
· The refinery situated in Benguela province is estimated to mine out 200,000 barrels per day when becomes fully operational
Angola is calling interested companies and individuals to invest in its Lobito refinery. The West African country has initiated the public tendering process for the project. It is spearheaded by the country’s oil ministry. The refinery situated in Benguela province is estimated to mine out 200,000 barrels per day when it becomes fully operational.
According to sources, private investors will own 70% of the company. The state oil firm Sonangol will have a 30% stake in the company, which will be implemented under the private-public partnership agreement. Besides this oil mine, Angola is building two more refineries -Cabinda and Soyo- and expanding the capacity of the existing Luanda refinery, which aims to achieve 360,000 barrels of oil per day locally.
Refurbishing and building new capacities in the refinery sector is primarily to supply to the internal market. Once that is met, the
country plans to export to neighboring countries in the region particularly to the Democratic Republic of Congo. The Zambian
government is presently studying the prospects of a pipeline from Lobito. These are efforts to reduce the dependence on refined oil
imports. While the country is producing 1.2 million barrels per day of oil, its imports during 2019 amounted to US$ 1.7 billion. With the new oil findings happening regularly, the country can up the production considerably.
