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ANGOLA: Country Calls For Investment In Lobito Refinery

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Angola has launched a public tender process calling interested companies and individuals to invest in its Lobito refinery.

The refinery which will be located in Benguela is projected to process up to 200,000 barrels per day when completed. With operations under the corporate governance structure; it is expected that private investors will own 70% of the company, while state oil firm Sonangol controlling a 30% stake in the refinery.

The country is currently building two more refineries (Cabinda and Soyo) as well as refurbishing and expanding the capacity of the existing Luanda refinery. With all the proposed refineries in place, the country is set to process 360,000 barrels of oil per day locally.

According to the country’s Oil Minister, Diamantino Azevedo; “Our perspective is to have, first, enough capacity to supply the internal market, but also additional capacity so that we can export essentially to the countries in the region. There is an outflow of oil derivatives from Angola to the Democratic Republic of Congo, so it is an interesting market,”

He further stated that “We have been working with our counterparts in the DRC to make the relationship more fruitful for our countries. Already in relation to Zambia, there is a proposal by the Zambian government to study the feasibility of a pipeline from Lobito,

Angola currently has a daily production of 1.2 million barrels of crude oil, a volume that could change in the near future as the proposed new fields become functional.

In 2019, Angola imported US$1.7 billion worth of fuel, this new structure will help the country break its dependence on oil imports.

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