Angola is due to sign a contract with China National Chemical Engineering Co. (CNCEC) to build a long-delayed oil processing plant in the municipality of Lobito, Bloomberg reported on Friday.
The processing capacities of the Lobito refinery remain at 200,000 barrels per day and the estimated cost of the investment is around $6 billion, Diamantino Azevedo, minister of minerals and petroleum, announced after a meeting between Angola’s President Joao Lourenco and CNCEC Chairman Wen Gang.
Angola’s state-owned oil company Sonagol suspended construction works of the Lobito crude processing plant in August 2016. In November 2017, the company announced it was seeking investors in order to resume construction.
Private investors will reportedly own 70% of the plant’s shares, while Sonagol will hold the remaining 30%, the company said at the time.
Under the agreement, China’s CNCEC will build and finance the Lobito refinery which should become one of the most significant infrastructure projects in Angola’s energy sector.
Once built, the processing plant would allow the Southern African country to become self-sufficient in terms of refined fuels such as gasoline, diesel and liquefied petroleum gas.
Additionally, the refinery will enable Angola to export and supply neighboring countries with fuel.
RT. com / ABC Flash Point News 2023.
Each African country has it’s own unique resources, so they all going to trade with each other. Some have food farming, some have oil, and some have minerals or uranium, so Africa intra-trading will make their countries prosperous without western colonial interference?
China making friends and developing markets for its manufactured goods.
Matrixreject, yes, that’s the plan. Make your neighbors rich, so they can afford to buy your products. Make wars, and everybody lives in concrete ruins.
West destructs China constructs.