Angola is seeking investment in its Lobito refinery from firms and individuals. The country’s oil minister opened the public tendering process on Friday.
When finished, the refinery in Benguela province will be able to process up to 200,000 barrels per day.
According to the proposed corporate governance structure, private investors will own 70% of the corporation, while Sonangol, the national oil company, will possess 30%.
Angola is constructing two new refineries (Cabinda and Soyo), as well as renovating and extending the capacity of the current Luanda refinery. Locally, it aims to process 360,000 barrels of oil per day.
“Our goal is to have enough capacity to satisfy the internal market while also having the capacity to export primarily to the countries in the region. Angola is exporting oil derivatives to the Democratic Republic of Congo, so it’s a fascinating market “Angola’s oil minister, Diamantino Azevedo, declared as much.
“We’ve been collaborating with our DRC counterparts to make our relationship more fruitful for both of our countries. There is already a proposal by the Zambian government to explore the viability of a pipeline from Lobito to Lusaka “Added he.
The government is attempting to wean itself off of its reliance on oil imports. Angola imported $1.7 billion worth of petroleum in 2019.
Angola now produces 1.2 million barrels of crude oil per day, a figure that is expected to rise as new fields come online.
