In an official release from the Angolan national oil company, Sonangol, it announced that the Final Investment Decision with Gemcorp for the construction of the Cabinda Refinery in the capital city of Angola is agreed.

The refinery will be built 30 kilometres north of the capital of Cabinda, on the Malembo plain, and will be the first private investment of this nature in Angola. The first phase of the project is to include 30,000 barrels per day of the Crude Distillation Unit, with a desalinator, kerosene treatment and auxiliary infrastructure, including a conventional float anchoring system, pipelines and storage facility for more than 1.2 million barrels.

The 2nd and 3rd phases will turn the Cabinda Refinery into a total conversion refinery, with an additional refining capacity of 30,000 barrels per day and the installation of a new catalytic reformer, hydrotreater and catalytic cracking unit. The three phases are to cost about $920 million.

The Chairman of the Board of Directors of Sonangol EP, Sebastião Gaspar Martins said, “This final investment decision represents one of the main strategic objectives of the Angolan Government. The construction of this Refinery will provide an increase in the capacity for processing crude oil at the national level and a considerable reduction in the country’s dependence on imports of refined products, as provided for in the National Development Plan. Sonangol is pleased to support this private initiative that not only makes a major contribution to the socio-economic development of Angola, but also encourages increased foreign direct investment in the country.”

Also quoted in the release, the President of Gemcorp, Atana Bostandjiev said, “The private investment of the Cabinda Refinery demonstrates Gemcorp’s commitment to the development of Angolan strategic assets and our ability to deliver in the most challenging moments. Gemcorp is excited to deliver this project and support the Angolan government’s long-term strategic goals of energy independence and job creation in Angola. Through the Cabinda Refinery, Gemcorp will accelerate community outreach, training and social impact. The long-term plan is for the Cabinda Refinery to maximize local employment and transition to operation by a fully Angolan workforce.”