Cabinda refinery is “an opportunity to supercharge Angola’s economy”
African lenders back Angolan refinery
Efforts by African institutions and others to push development in the continent appear to be gaining momentum
London-based investor Gemcorp and multilateral institutions the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) have reached financial close on the Cabinda oil refinery in northern Angola. The facility is being developed by Gemcorp and NOC Sonangol. Financing for the $473m development includes $138m in equity and $335m in project finance “led by AFC, Afreximbank and a consortium of international and local financial institutions”, the AFC announced. The first phase will comprise 30,000b/d of refining capacity, enough to cover around 10% of Angola’s total refined product demand. “The credit facility covers the first phase… and paves the way for construction,”
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
