Sebastião Gaspar Martins said that Angola has received several proposals, but there is a need for more concrete proposals.
“What we are certain of is that we do not want to be alone. We are open to other partners who can enter the share capital of the Lobito Refinery, but until this process is completed, following the example of what we did for the Barra do Dande Ocean Terminal and with the resources we have, we will continue to execute the project”, said Sebastião Martins, when speaking at a press conference to present the results for 2024.
The president of the state oil company said that the works are not stopped and phase I of the Lobito Refinery project, in the province of Benguela, is being carried out by Sonangol, highlighting that there is a set of activities with the presence of around 2000 workers.
“We are open to partners, but we will not stop waiting for them to appear before starting the project,” he reiterated, adding that the difficulties linked to financing impact the project in some way, but are not a factor for its continued execution.
Sebastião Martins said that they have been working to obtain financing proposals “that are as credible as possible” and that allow the project, in addition to the efforts of the state-owned company, to have investors and the necessary financing.
On the other hand, the Cabinda Refinery will add an initial refining capacity of 30 thousand barrels per day when it starts operating at the beginning of the second half of 2025.
Regarding the works at the Soyo Refinery, in the province of Zaire, Sebastião Gaspar Martins said that they are in talks with the investor, the consortium led by the American company Quanten, which is experiencing some difficulties in obtaining financing.
“We are not sure if it will still be possible, but we have given a deadline to make a statement and when he states that he no longer has the capacity or comes up with a solution, we will carry out this project, because it is part of our refining strategy,” he said.
The person in charge of Sonangol said that despite the deadline having practically expired, the company intends to carry out the process “in a very prudent manner so that from a legal point of view it does not have any other type of implications”.
Last year, this issue was highlighted by the head of the Mineral Resources, Oil and Gas portfolio, Diamantino Azevedo, considering the possibility of terminating the contract.
This Tuesday in his speech, Diamantino Azevedo said that “there are many who are against Angola investing in refining”.
“I continue to question (…) why all other countries can, invest in the ‘down stream’ and only Angola cannot do it, only in Angola are refineries not profitable”, said the minister.
“We decided to build these refineries, we are having difficulties, but we are working,” said the minister, adding that anyone who wants to join the project will have to meet the conditions imposed.
Diamantino Azevedo said that Angola will continue developing its projects in accordance with Sonangol's financial capabilities, until partnerships emerge, "because it is a strategic, profitable project for the country."
