Angola Invites Individuals and Companies to Invest in Refinery

© AFP – Oil worker in Angola

Angola has given individuals and organizations a chance to invest in its Lobito refinery.

Diamantino Azevedo, the country’s oil minister, on Friday, July 09 launched the framework for any interested party to subscribe to the investment scheme.

The refinery that is located in Benguela province has been projected to produce 200,000 barrels per day, making it a good deal for investors.

Speaking on the initiative, which is part of Angola’s plan to expand the oil and gas sector, Azevedo said, “[o]ur perspective is to have, first, enough capacity to supply the internal market, but also additional capacity so that we can export essentially to the countries in the region. There is an outflow of oil derivatives from Angola to the Democratic Republic of Congo, so it is an interesting market.

“We have been working with our counterparts in the DRC to make the relationship more fruitful for our countries. Already in relation to Zambia, there is a proposal by the Zambian government to study the feasibility of a pipeline from Lobito,” he added.

To ensure dominant privatization of the refinery, the state oil firm Sonangol would control 30% stake, while the private investors would have 70% stake in the company.

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