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Sun, 01 Nov 2020 08:13 - Updated Sun, 01 Nov 2020 08:13

Cabinda Refinery costs USD 920 million

Luanda - The Cabinda Refinery construction project costs US$920 million, a joint investment between Sonangol and Gemcorp.

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Sonangol and Gemcorp (a trade and investment group in emerging markets) will invest US$220 million in the first phase of the project.

According to a note that Angop had access to on Friday, the refinery, which will be built in the Malembo plain, 30 kilometres north of the capital of Cabinda, will be the first private investment of its kind in Angola, using the latest US technology for its design, operation and development in three phases, with adherence to the principles of Ecuador.

The first phase of the project is expected to include 30,000 barrels per day of the crude, with a desalter, paraffin treatment and auxiliary infrastructure, including a conventional buoy anchoring system, pipelines and storage facility for over 1.2 million barrels.

The 2nd and 3rd phases, the note said, 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, hydro-treater and catalytic cracking unit, totaling expenses of around US$700 million.

Formal construction of the project began in March 2020, with the cleaning and total preparation of the land, work on which was completed in August of the same year.

The fence of the site began in September 2020 for 313 hectares of land.

The main long-term items have already been ordered for early November 2020.

The project aims to create approximately 2,000 direct and indirect jobs for the community, sustaining and supporting local and national economies.

These opportunities cover the areas of construction, engineering, logistics, security and administration.

Once operational, according to the document, the refinery will also contribute to Angola's sovereign security, reducing its dependence on imports of refined products as well as increasing its exports with higher margins.

"This final investment decision represents one of the Angolan government's main strategic objectives. The construction of this refinery will provide an increase in national crude oil processing capacity and a considerable reduction in the country's dependence on imports of refined products, as provided in the National Development Plan," said Sebastião Gaspar Martins, chairman of Sonangol's board of directors cited in the note.

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