By Africa.com | Created at 2024-10-30 19:26:47 | Updated at 2024-10-30 21:24:51
2 hours ago
Angola’s Cabinda refinery, a $500-550 million project led by Gemcorp, is set to begin production by April 2025, refining 30,000 barrels of Cabinda crude per day. This will represent the project’s first phase. Once fully operational, the refinery aims to supply 5-10% of Angola’s fuel needs and reduce dependence on imported fuel, a priority as Angola moves toward removing fuel subsidies. A second phase, expected 1-2 years after the initial startup, will double processing capacity to 60,000 barrels per day, adding diesel and jet fuel production capabilities. Currently, Angola, Africa’s second-largest oil producer, exports 98% of its crude but relies heavily on costly fuel imports. Cabinda’s new refinery infrastructure includes a 1.2-million-barrel storage terminal and aims to shift this imbalance, providing local markets with diesel and jet fuel and exporting naphtha.
SOURCE: BUSINESS INSIDER
