Financing secured for refinery construction in Angola's Cabinda

  • World
  • Friday, 14 Jul 2023

LUANDA, July 13 (Xinhua) -- Gemcorp Holdings Limited, Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank) on Thursday announced in a statement the completion of a financial package worth 335 million U.S. dollars for the construction of a refinery in Angola's northern province of Cabinda.

The Cabinda Refinery, valued at 473 million U.S. dollars, is funded by 138 million U.S. dollars from existing shareholder resources and an additional 335 million dollars in project financing provided by a banking syndicate led by AFC, Afreximbank, and several international and local financial institutions, according to the statement.

This financial package will cover the initial construction phase of the Cabinda Refinery, allowing for the processing of 30,000 barrels of crude oil per day.

Upon completion of the first phase, the refinery is expected to supply approximately 10 percent of Angola's refined petroleum products, increasing to 20 percent after the second phase.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Sudanese warring parties throw cold water on African mediation gains
Afghanistan excluded from COP28 as climate impacts hit home
Macron's immigration bill at mercy of French parliament without majority
Russia to hold presidential election in four annexed Ukrainian regions - Ifax
Commonwealth boss warns of mass migration unless climate cash delivered
Austria makes conditional 'Air Schengen' offer to Bulgaria, Romania
Small-town mayor is caught in north Kosovo tensions
UK to transfer two minehunters to Ukraine as it launches maritime support plan
Swiss police on manhunt for shooter who killed two
Russia unleashes new attacks in eastern Ukraine, says Ukrainian military

Others Also Read