Africa-Press – Angola. The Cabinda Oil Refinery will begin production in April 2025, completing the first phase a little ahead of schedule but above budget.
The information was provided on Tuesday by the Executive Director of Gemcorp Holdings Limited, Atanas Bostandjiev, the largest shareholder in the project, to Reuters.
The refinery will be commissioned in January/February with the first fuel supplies and will reach the local market in March/April, the official added on the sidelines of the Financial Times Africa Summit.
The company owns 90% of the refinery and Sonangol has only 10% of the project.
What will be the country’s second oil refinery will make sub-Saharan Africa’s second-largest oil producer less dependent on expensive fuel imports, especially as Angola seeks to eliminate fuel subsidies.
Investment for the first phase has reached around $500 million to $550 million, up from the initial estimate of $473 million, as costs have increased due to the COVID-19 pandemic and inflation, the Gemcorp founder told the same source.
The previous target for completion of the first phase was July 2025.
The greenfield project will refine Angolan crude oil from Cabinda, supplied by state-owned Sonangol at a rate of 30,000 barrels per day (bpd), and will supply 5 to 10 percent of the country’s needs, Bostandjiev concluded.
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