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
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award; this is no easy task but it can be done thanks to an international legal framework under the New York Convention.
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
31 July 2025
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
