Cabinda refinery is “an opportunity to supercharge Angola’s economy”
African lenders back Angolan refinery
Efforts by African institutions and others to push development in the continent appear to be gaining momentum
London-based investor Gemcorp and multilateral institutions the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) have reached financial close on the Cabinda oil refinery in northern Angola. The facility is being developed by Gemcorp and NOC Sonangol. Financing for the $473m development includes $138m in equity and $335m in project finance “led by AFC, Afreximbank and a consortium of international and local financial institutions”, the AFC announced. The first phase will comprise 30,000b/d of refining capacity, enough to cover around 10% of Angola’s total refined product demand. “The credit facility covers the first phase… and paves the way for construction,”
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
