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
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
