Angola’s flagship public-private project the Cabinda refinery is receiving a US$100 million injection.

The investment by pan-African financial institution African Finance Corporation (AFC) stems from its partnership with Angola to add value to the country’s commodities, according to Africa Business Communities.

The US$350 million phase one of the Cabinda refinery is already under way, with core equipment having been tested in the US and ready for delivery. Once the three-phase project is complete, at a total cost of US$1 billion, the refinery is expected to have a crude-processing capacity of 60 000 barrels a day, producing a range of fuels, from petroleum and diesel to jet fuel.

Jointly owned by Gemcorp (90%) and state-run Sonangol (10%), the Cabinda refinery is the first private investment of its kind in Angola.

AFC is also partnering with the Angolan government on a US$1 billion pipeline of other potential projects across several sectors, including natural resources, transport and power.

9 August 2022
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