NAMIBIA · ENERGY
Key Facts
- —The country Namibia is a desert nation of about 3 million people on Africa’s south-west coast that has no oil refinery and imports its fuel.
- —What happened On Monday 19 October 2026, Angola’s president said he had invited Namibia to join the Lobito refinery’s shareholders.
- —The plant The Lobito refinery in Benguela province is planned to process 200,000 barrels of crude oil a day into diesel, petrol and other fuels.
- —The money Angola’s state oil company Sonangol has committed US$1.6 billion, and about US$4.8 billion (N$79 billion) is still to be financed, The Namibian reported.
- —Namibia’s answer Presidential spokesperson Jonas Mbambo called any Angola refinery stake premature and said Namibia must first test its interests.
- —The fuel link In March 2026 the energy minister put Namibia’s fuel use at about 1.1 billion litres a year, all imported, with one to two months of stocks.
- —Still open How large a stake Namibia could take, what it would cost, and whether Angola’s fuel would reach Namibian pumps cheaper than today’s imports.
Namibia has been offered an Angola refinery stake, a possible shift for fuel supply in southern Africa. President João Lourenço announced the invitation on Monday 19 October 2026, according to the Lusa news agency as carried by Ver Angola.
For US energy investors and lenders, the plant still needs about US$4.8 billion (N$79 billion) of financing, according to The Namibian. Namibia’s presidency says an invitation to consider an Angola refinery stake is not yet a formal proposal.
What Lourenço Offered in Luanda
Lourenço spoke to the press after eight cooperation agreements were signed during a two-day state visit to Angola by Namibian President Netumbo Nandi-Ndaitwah. The deals cover fisheries, tourism, sport and culture, and the refinery invitation came in his remarks afterwards.
He said Angola has shared its oil experience with Namibia, which has recently joined the club of oil-producing nations although actual production has not begun. Once built, he said, the plant would serve Angola and its neighbours, with priority for shareholders.
A 200,000-Barrel Plant in Lobito
The Lobito refinery is rising in Benguela province on the Atlantic coast and is planned to turn 200,000 barrels of crude a day into fuel. Sonangol, Angola’s state oil company, leads the project, and The Rio Times reported in September that production is targeted for 2027.
The Namibian reported that Sonangol has committed US$1.6 billion and has sought finance partners since 2023, leaving about US$4.8 billion (N$79 billion) to find. Lourenço argued that “quem tem petróleo tem que ter refinarias”, meaning whoever has oil must have refineries.
Windhoek Says the Angola Refinery Stake Is Premature
Presidential spokesperson Jonas Mbambo told The Namibian that speculation about investment arrangements is premature because the two countries’ joint commission had only just ended. He added that an invitation to consider a proposal does not mean a formal proposal has been received.
He said Namibia would have to assess whether taking part is feasible and serves the country’s interests. Similar invitations, he said, went to Botswana and Zambia.
Why Namibia Imports Every Litre
In a March 2026 briefing, Energy Minister Modestus Amutse said Namibia has no refinery and uses about 1.1 billion litres of fuel a year. Four firms import it: the state firm Namcor, Puma Energy, Vivo Energy and TotalEnergies.
At that time stocks covered one to two months of demand. A state depot near Walvis Bay for 75 million litres cost roughly N$6.5 billion (about US$394 million), New Era reported, and has seen little use.
Fuel Prices Made the Debate Urgent
These figures are from March and April, before the invitation. On 1 April petrol rose by N$2.50 a litre (about US$0.15) and diesel by N$4 (about US$0.24), even after fuel levies were halved.
The government expected its National Energy Fund, a state price buffer, to absorb about N$500 million a month (about US$30 million) of the April gap. Angola and Namibia already work together on power and border projects, as Namibia Angola Talks Open on 19 Oct described.
The Case for Storage First
Rodney Cloete, shadow minister for international relations and trade for the opposition Independent Patriots for Change, proposed investing in fuel storage at Walvis Bay instead. He told The Namibian that a stake in another country’s refinery does not guarantee fuel security.
Energy analyst Gawie Kanjemba said an Angola refinery stake could make strategic sense, but that valuation, financing, returns and contract terms need close scrutiny. He questioned whether the fuel would actually be cheaper once it reaches Namibia.
Botswana and Zambia Received Similar Invitations
Angola has courted its neighbours for months, as Botswana Could Join Angola’s Lobito Refinery as Shareholder at Any Moment reported on 9 September. According to that report, Zambia already holds 26 percent of the project and Botswana was offered up to 30 percent of the remaining equity.
Landlocked Botswana imports its fuel mostly through South Africa, so an Angola refinery stake would be a hedge for it as well. Namibia, with its own ports and offshore oil prospects, weighs a different set of options.
What It Means for US Readers
An Angola refinery stake matters to oil service firms and lenders because Sonangol still needs billions of dollars in outside financing. A foreign government as shareholder could make a loan package easier to assemble.
The invitation also bears on the cost of diesel for mining firms in Namibia and Botswana, which depend on imported fuel. Any change in regional fuel prices feeds into their costs.
What Is Not Known
The size of the Angola refinery stake on offer and the price Angola would ask have not been published. Namibia’s Cabinet, the government’s top decision body, has not said whether it wants to take part.
It is open whether the remaining US$4.8 billion (N$79 billion) has been secured. It is also unclear whether fuel from Lobito would reach Namibia by sea or by road.
More: Namibia news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Angola refinery stake offer?
President João Lourenço said on Monday 19 October 2026 that he had invited Namibia to join the shareholders of the Lobito oil refinery. No size or price for the stake has been published.
Has Namibia accepted the offer?
No. Presidential spokesperson Jonas Mbambo said talk of an investment is premature and that Namibia must first assess feasibility and its own interests.
How big is the Lobito refinery?
It is planned to process 200,000 barrels of crude oil a day in Benguela province, Angola. Sonangol has committed US$1.6 billion, and about US$4.8 billion (N$79 billion) is still to be financed.
Does Namibia have its own refinery?
No. In March 2026 the energy minister said Namibia imports its petrol and diesel, about 1.1 billion litres a year.
Who else has been invited to join?
Mbambo said similar invitations went to Botswana and Zambia. Zambia already holds 26 percent of the project, according to earlier reports.
Sources: The Namibian, Namibia invited to slice of Angolan oil refinery, 22 October 2026; Lusa via Ver Angola, Angola convida Namíbia a ser accionista da refinaria do Lobito, 19 October 2026; allAfrica, Minister Modestus Amutse briefs on fuel supply, 30 March 2026; New Era, Namibia’s energy buffer amid uncertain times, 27 March 2026; The Namibian, Fuel panic grips Namibia, 1 April 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief