Gemcorp plans to start up Angola’s Cabinda refinery in 2024
Gemcorp Holdings Limited (GHL) anticipates the first phase of the Cabinda refinery to commence operations in the latter half of 2024, as all necessary resources have been secured.
Significant progress has been made in the construction, including the completion of infrastructure and assembly of crucial equipment, enabling the production of various fuel types.
The financing for the initial phase, totaling US$473 million, comprises funds from existing partners and project financing led by the Africa Finance Corporation and the African Export-Import Bank, among others.
On completion, the first phase will process 30,000 barrels of crude oil daily, meeting 10% of Angola’s refined oil requirements.
GHL’s CEO, Atanas Bostandjiev, suggests this will reduce Angola’s reliance on oil derivative imports. Future plans involve a potential petrochemical hub adjacent to the refinery.
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