Luanda, Sept. 2, 2025 (Lusa) - Angolan economists have described the start-up of the new Cabinda refinery as an important milestone for the national energy sector, which will allow the country to save foreign currency that would previously have been disbursed to pay for fuel imports.
The Cabinda refinery, a private investment with 90% capital from London-based emerging markets asset manager, Gemcorp and 10% from Sonangol, the Angolan state oil company, was inaugurated on Monday by the Angolan president, João Lourenço.
Speaking to Lusa, economist Daniel Sapateiro highlighted the fact that this is the first refinery that Angola has built since the country's independence in 1975, and considered that its entry into operation will transform the Angolan energy landscape, contributing to greater self-sufficiency, job creation, sustainability and fewer imports of refined products from abroad.
According to the economist, with the Cabinda refinery, the government will be able to amass foreign currency that was previously spent on importing refined petroleum products.
For the economist, the inauguration of this refinery, built in the country's northernmost province, with an investment of US$550 million, exceeding the initial budget of US$473 million, "is a sign that other refineries are to come, namely in Soyo, but also in Lobito".
"With these refineries, in fact, a number of factors will be combined between the production and refining of oil products to satisfy the needs of Angolans and reduce imports and, with this, also generate - what I think is as important as the refining itself - the jobs created, around 3,300 direct jobs, many of them people who live in Cabinda province," he said.
According to Daniel Sapateiro, with the inauguration of this refinery, Cabinda province will generate more income, which will have an impact on consumption in the region itself, but the whole country will benefit.
Angolan economist Flávio Inocêncio also considered the inauguration of this refinery to be positive, as it is the first in Cabinda, despite the small existing refinery built by Chevron for its operations at the nearby Malongo base.
"But apart from that there was nothing. This can help meet local needs and even export, and above all it was a private project to begin with," he said.
Flávio Inocêncio added that Cabinda is of fundamental importance to Angola and "there are few oil investments there," emphasising that this refinery partially solves that problem.
"I don't agree with those who see this project as something negative," he said, suggesting that, ideally, this venture should be expanded into a petrochemical project, allowing for an increase in exported products and solidifying the local economy.
The energy, oil and gas expert noted that this refinery will help reduce imports, with 30,000 barrels per day initially being produced, rising to 60,000 in the second phase, covering between 5% and 10% of annual import needs.
Having inaugurated the Cabinda refinery, Flávio Inocêncio considered it important that the refineries in Soyo (Zaire province) and Lobito (Benguela province) should also be completed.
According to the minister for mineral resources, oil and gas, Diamantino Azevedo, the construction of the Cabinda refinery has faced several difficulties, including the Covid-19 pandemic, leading to delays.
Diamantino Azevedo said that, by the end of the year, Angola will have the first commercial derivatives produced at this unit.
The Angolan minister emphasised that the contract between the parties provides for Sonangol to supply the crude oil, which remains its property, while the refinery processes and returns the refined products to the state oil company, charging only a processing fee, so that Gemcorp only provides a refining service.
NME/AYLS // AYLS
Lusa
