A Sonangol development that will supply energy to a factory at Soyo puts the country one step closer to fertiliser self-sufficiency.
Sonangol
The long-delayed Lobito oil refinery is expected to process around 200,000 barrels a day once completed in 2026.
The southern African nation’s resources minister says he is ‘optimistic’ about working with Chinese companies in the energy, metals and minerals sectors.
When it begins operations in 2026, the refinery, on Angola’s Atlantic Coast, is expected to have a capacity of 200,000 barrels per day.
US$850 million development plan should start production in 2024, producing around 30,000 barrels per day to production.
Oil price averages US$113 per barrel, with 1,139 million barrels exported daily; China imports more than 54% of total output.
Capable of carrying one million oil barrels, the tanker is set for delivery in March 2023, bringing ‘significant benefits to Angola’.
Analysts estimate sale could raise 700 million euros, which could be earmarked for low-carbon projects.
Construction expected to start in Porto Amboim within the next 12 months, creating 8,000 local jobs in future.
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