Another African Country Builds New Refinery, Ready to Compete with Dangote

Another African Country Builds New Refinery, Ready to Compete with Dangote 0n Thursday, October 31, 2024 at 2:11 PM by  Pascal Oparada 3 min read 
Angola is set to complete its Cabinda oil refinery and commence production in April 2025 The new facility will reportedly be commissioned between January and February next year The refinery will commence petroleum production with 30,000 barrels of crude supplies from Angola’s national oil firm, Sonangol.
 Angola’s Cabinda oil refinery will begin production in April 2025 after completing its first phase ahead of schedule. The CEO of GemCorp Holdings Limited, the refinery’s majority shareholder, disclosed recently. Angola fixed a date for its second refinery to commence production Credit: Ben Montgomery / Contributor Source:
The new refinery fixes date for production According to GenCorp boss Atanas Bosandjiev, the new facility will be commissioned between January and February 2025, and its first fuel supplies will hit the local market between March and April
GemCorp reportedly owns about 90% of the refinery. Reuters reports that the new facility will be Angola’s second oil refinery and help make the continent’s second-largest oil producer less dependent on fuel imports as Angola moves to end fuel subsidies. The GemCorp CEO said the refinery’s first phase funding hit about $500 million to $550 million. This is higher than the initial $473 million projection, as costs skyrocketed due to COVID-19 and inflation. Reports say the previous target for the first phase completion was July next year. State oil company to supply 300,000 barrels The refinery will refine Angolan Cabinda crude, provided by the national oil company Sonangol, at 30,000 barrels daily and will supply 5-10% of Angola’s needs. The state oil firm owns about a 10% stake in the project.
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Comments

  1. Anonymous4 November 2024 at 23:02

    It's good to have many oil company to boost competition in Africa

    ReplyDelete

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