Africa-Press – Angola. The Angolan state holds sovereignty over the oil and products that will be processed at the Cabinda refinery, inaugurated, despite Gemcorp having the largest shareholding (90%) and state-owned Sonangol only 10%, the government highlighted.
“It’s true that Gemcorp currently holds 90% and Sonangol 10% of the capital of this refinery. But what matters is not the shareholder picture, but rather the contract governing this project.
And this contract is based on a processing fee model,” said Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo.
The Cabinda refinery, inaugurated, “is proof that with political leadership, institutional courage, and technical competence, Angola can produce, transform, and develop its mineral resources while preserving its sovereignty,” the minister said.
According to the Angolan official, the model agreement signed between the two companies managing the manufacturing unit establishes that Sonangol supplies the oil, “which remains its property, and the refinery processes and returns the refined products to Sonangol, charging only a processing fee.”
“In other words, Gemcorp does not control the oil or its derivatives; it merely provides a refining service,” the official explained in a speech at the opening ceremony of the industrial unit.
Angolan President João Lourenço inaugurated the Cabinda Refinery, an investment of more than 473 million dollars (404.8 million euros) which in the first phase will process 30,000 barrels per day, half of its installed capacity.
Diamantino Pedro Azedo assured that “everyone must be certain that there is no loss of sovereignty [in terms of infrastructure]”, insisting that oil and refined products “remain under the control of the Angolan State”.
The minister emphasized that this refinery is a strategic asset that strengthens the country’s energy security, creates jobs, and adds value to the province. “More than a capital partnership, it demonstrates that the Angolan state continues to firmly guide the destiny of our mineral resources, serving the entire Angolan people,” he stated.
The chairman of the board of directors of Gemcorp Angola, Marcos Weyll, said at the time that the construction of the Cabinda refinery involved complex challenges that were overcome, highlighting that the infrastructure integrates more advanced technological solutions.
Marcos Weyll noted that the first phase of the refinery involved 14 million hours of accident-free work, with the participation of around 500 service providers, and that more than $10 million had already been invested in the second phase.
In turn, the governor of Cabinda, Susana de Abreu, considered that the inauguration of the refinery constitutes a unique, unparalleled moment for that province in the northern enclave of Angola.
ANGOLA24
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