The ceremony to sign the memorandum, in which Sonangol was represented by its subsidiary Sonaref, was attended by the Secretary of State for Petroleum, José Barroso, the Ambassador of the United States of America in Angola, Nina Maria Fite, the Chairman of the Board of Directors of Sonangol E.P., Gaspar Martins, among others.
In a statement, cited by Jornal de Angola, Sonangol said that "the memorandum of understanding is binding, and establishes, on an exclusive basis, the period for the fulfillment of activities, obligations and responsibilities inherent to the construction of a refinery in the municipality of Soyo, Zaire province, with a processing capacity of up to 100,000 barrels of crude oil per day.
According to the note, the refinery will rely on 100 percent private investment, which will help foster job creation. The investment will also allow the country's refining capacity to increase, reducing import levels.
In addition, the infrastructure will feature evolving and sustainable technology that will make it possible to reduce carbon emissions.