Ver Angola


Financing of 335 million dollars completed for the construction of the Cabinda Refinery

Gemcorp, Africa Finance Corporation (AFC) and Afreximbank announced this Thursday the conclusion of the financial package for the construction of the Cabinda Refinery with financing worth 335 million dollars.


The project, worth 473 million dollars, is funded with 138 million dollars with resources already made available by its shareholders and 335 million dollars in the "Project financing" format made available by the union led by the AFC.

According to the financing union, in a statement sent to Lusa, the credit line now approved covers the first phase of construction of the Cabinda Refinery and will allow the processing of 30,000 barrels of crude oil per day.

The Cabinda Refinery, in northern Angola, is being implemented by Gemcorp Holdings Limited (GHL) in partnership with the Angolan state-owned Sonangol, and the second phase of the refinery is expected to increase refining capacity to over 30,000 barrels/day.

According to the group financing the project, after the conclusion of the first phase, the refinery is expected to supply approximately 10 percent of the refined oil products consumed in Angola, increasing to 20 percent after the end of the second phase.

"During construction, the refinery will create more than 1,300 direct and indirect jobs and so far 300,000 hours of training have been completed for the qualification of local workers and 1,000,000 hours of effective work, with no accidents recorded", refers in the communiqué.

The Industrial Development Corporation (IDC) of South Africa, the Arab Bank for the Economic Development in Africa (BADEA) and Banco de Fomento Angola (BFA) are also part of the consortium that finances the construction of the Cabinda Refinery.

This investment "plays an important role in Angola's energy security and in the creation of local employment opportunities, while promoting the country's technological capabilities", he stresses.

The CEO of Gemcorp, Atanas Bostandjiev, quoted in the statement, says that his company is "extremely satisfied with the ongoing investment in the Cabinda Refinery, because the project will leverage the use of natural resources for the benefit of the communities".

For the CEO of the AFC, Samaila Zubairu, the signing of the financing contract "is extremely important, as it is direct support for a truly innovative project with added value for Angola".

And the chairman of the board of directors of Afreximbank, Benedict Oramah, is "proud" to contribute to the implementation of an infrastructure "so crucial for Angola and for the entire region".


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