Key Points
- Cabinda Refinery in Angola is set to start oil production in early 2025, with commercial operations beginning by July.
- The $473 million project aims to cut Angola’s reliance on imported refined fuel products.
- Initial capacity is at 30,000 barrels per day, with plans to double to 60,000 barrels in phase two.
Angola’s Cabinda Refinery, set to be Angola’s first major refining facility since independence, is expected to begin initial oil production in early 2025, with commercial operations scheduled for July, according to Marcelo Hofke, CEO of Cabinda Refinery Corporation. “This project aligns closely with our government’s commitment to reducing reliance on imported refined products,” Hofke said.
Angola boosts refining with $473 million Cabinda project
The facility, which began construction in 2023, is part of a larger government strategy to develop Angola’s domestic refining capacity and capture more value from its abundant oil resources.
The $473 million project reached financial closure in July 2023, supported by $138 million in equity from project sponsors and a $335 million project financing facility led by the Africa Finance Corporation, the African Export-Import Bank, and a consortium of international and local lenders.
Domestic Production to Cut Import Costs
Cabinda Refinery’s initial phase will target a daily processing capacity of 30,000 barrels of crude oil, producing diesel and jet fuel, with plans to increase output to 60,000 barrels per day in the second phase.
Once fully operational, the refinery will also produce gasoline and liquefied gas, addressing Angola’s dependency on fuel imports, which currently account for nearly all refined product consumption despite the country’s crude oil exports.
Cabinda refinery to drive Angola’s energy independence
The project, originally initiated in 2017 under United Shine, was acquired by asset manager Gemcorp, now holding a 90 percent stake, while Angola’s national oil company Sonangol retains the remaining 10 percent.
Today, more than 2,800 workers are on-site, with 85 percent of them Angolan nationals, reflecting the company’s emphasis on local workforce development. “Our training program aims to prepare 180 skilled Angolan workers by the time operations begin next year,” Hofke added. As Cabinda Refinery prepares for its 2025 launch, Angola aims to become more self-sufficient, taking a pivotal step toward reducing import costs and gaining energy independence.
