The Cabinda Refinery in Angola is on track to produce its first oil. Marcelo Hofke, CEO of Cabinda Refinery Corporation made the announcement and said the full commercial operations is scheduled for July 2025.
The refinery was developed with a goal to reduce the need for imported refined products. Construction began in 2023 following financial close in July 2022, with a project cost of US $473M. Funding includes $138 million in equity from project sponsors and a US $335M project financing facility led by Africa Finance Corporation, African Export-Import Bank, and a group of other financiers.
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Cabinda Refinery
The refinery’s initial phase targets a capacity of 30,000 barrels per day (bpd) and will produce diesel and jet fuel. A second phase will double production to 60,000 bpd, adding gasoline, diesel, and gas to its output.
This project is significant for Angola, which currently exports nearly all its crude oil and imports almost all refined products, mainly from Europe. Atanas Bostandjiev, CEO of Gemcorp, which holds a 90% interest in the refinery, emphasized the inefficiency of this system, as Angola imports nearly 100% of its refined products despite exporting 98% of its crude.
The project, initially launched in 2017, has seen significant changes, with asset manager Gemcorp acquiring a 90% stake, while Angola’s national oil company, Sonangol, retains 10%. Hofke highlighted the local workforce’s role, with 2,800 employees on-site, 85% of whom are Angolans. A training program is underway to prepare approximately 180 workers, ensuring the refinery has a fully capable workforce by the time operations commence.
