Africa-Press – Angola. The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, denied this Monday that Sonangol had sold 26% of its stake in the Lobito Refinery to the Republic of Zambia, classifying the information as unfounded.
According to the government official, the Executive, through Sonangol, has maintained contacts with possible partners, including neighboring countries, with a view to shareholder integration and co-financing of the project. However, to date, there has been no formalization of the entry of Zambia, or any other State or entity, into the refinery’s shareholder structure.
“Any change in this regard can only occur with appropriate legal approval, including the publication of a Presidential Decree,” said Diamantino Azevedo.
The Lobito Refinery is considered a strategic project that was resumed during President João Lourenço’s first term in office after a period of inactivity. The project underwent a technical and financial review, with a significant reduction in the initial investment, improvement in environmental standards (from AFRI 4 to AFRI 5) and acceleration of the construction schedule.
Currently, around two thousand workers are working on the ground, with technical support from teams in China, where an engineering company was hired to carry out the works.
With the capacity to process 200,000 barrels of oil per day, the Lobito Refinery aims to reduce Angola’s dependence on fuel imports and boost the country’s economic development.
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