The Lobito Refinery continues to move forward as one of the key infrastructure projects in Angola’s oil sector, but the total cost of the project could reach $6.2 billion due to its technical complexity and scale.
The information was disclosed by Sonangol’s Chairman of the Board of Directors, Sebastião Gaspar Martins, who revealed that the oil company has already invested approximately $1.5 billion in the project.
According to him, despite the financial challenges, the project will not be halted. “We are seeking other sources and partners, but with a commitment to not interrupt the project, whatever the cost, given its strategic importance for the country’s sovereignty,” he stated.
According to Sonangol, several essential conditions for the start of industrial operations have already been established, such as storage tanks, access systems, administrative infrastructure, and mechanisms for receiving and shipping products.
In the initial phase, the refinery is expected to operate using a simplified system known as “hydroskimming,” designed for the distillation of light fractions. In a later stage, more complex units, such as hydrocracking, will be introduced to increase efficiency and diversify fuel production.
The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, stated that the project has already reached 25% physical completion and 30% financial completion, assuring that the work is proceeding according to the schedule set by the government.
The minister emphasized that the refinery is currently 100% owned by Sonangol but is open to new partners, including foreign investors, governments, and private national entities. He noted that the project has already attracted interest from various international actors, which could strengthen regional economic integration.
In addition to the refining component, the project includes maritime infrastructure and water supply systems that are already nearly complete, forming part of the government’s strategy to ensure Angola’s self-sufficiency in fuels and strengthen the petrochemical industry.
The minister also highlighted other ongoing investments in the sector, such as the fertilizer project in Soyo and the expansion of storage capacity in Barra do Dande, as well as initiatives in Cabinda and Luanda.Geographic reference material
Regarding the Cabinda Refinery, Diamantino Azevedo assured that the facility is operational and has already begun supplying petroleum products to the province, refuting reports of alleged operational difficulties.
Source: Correio da Kianda
