China National Chemical Engineering (CNCEC) will build and finance Lobito Refinery in Angola, under a deal with national oil company (NOC) Sonangol.
The Memorandum of Understanding (MoU) will enable financing attainment for the project and construction of this important infrastructure by the Chinese company.
The Lobito Refinery characterizes one of the most significant infrastructure projects in the energy sector in Angola, with the capacity to produce up to 200,000 barrels of refined crude per day (bpd).
Three Chinese Bidders for Lobito Oil Refinery Project in Angola
Additionally, oil and gas pipeline will be constructed to link Lobito Refinery with Zambia.
Angola is building two more refineries, in Soyo and Cabinda, whose production capacity is 100,000 and 60,000 bpd respectively.
Importantly, the Angolan State will become self-sufficient regarding refined fuels such as gasoline, diesel and Liquefied Petroleum Gas. Additionally, the refinery will enable the country to export and supply neighboring countries.
The Lobito Refinery will further attract services and the application of new technologies.
Participants are exploring many ways of making the energy sector profitable and enabling greater participation of Angolan businessmen and entrepreneurs. This will create many employment opportunities for the locals both directly and indirectly.
