Angola invites Namibia to take stake in Lobito refinery
By the AFREEQUE newsroom, based on Mercado
Angolan President João Lourenço has invited Namibia to take a stake in the Lobito refinery, a 200,000-barrel-a-day project so far funded by Sonangol. Namibian President Netumbo Nandi-Ndaitwah has not confirmed any commitment, Mercado reports, as Angola seeks regional partners for the project.
Angolan President João Lourenço has invited Namibia to take a stake in the Lobito refinery, under construction in Benguela province. He announced the proposal on Monday in Luanda, after signing eight cooperation agreements with Namibian President Netumbo Nandi-Ndaitwah, Mercado reports.
The refinery is expected to process 200,000 barrels of oil a day. Angola’s state-owned oil company Sonangol is currently its sole shareholder and is financing the project alone, with construction just over a quarter complete. Its president, Sebastião Gaspar Martins, said Sonangol had already invested about $1.6 billion.
Luanda is also seeking partners in Botswana, Zambia, Tanzania and Gabon. Angola has offered Botswana a stake of up to 30%, while Zambia has expressed interest in a 26% share. The press has reported negotiations with Chinese investors over a loan of about $4.8 billion.
Namibia, which recently discovered oil but does not yet produce it, has made no commitment to invest. João Lourenço said shareholder countries would be given priority in the supply of refined products. The invitation follows Netumbo Nandi-Ndaitwah’s call to strengthen cooperation between the two countries on 20 October, during her state visit to Angola.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
