Financing secured for refinery construction in Angola's Cabinda -Xinhua

Financing secured for refinery construction in Angola's Cabinda

Source: Xinhua| 2023-07-14 03:30:15|Editor: huaxia

LUANDA, July 13 (Xinhua) -- Gemcorp Holdings Limited, Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank) on Thursday announced in a statement the completion of a financial package worth 335 million U.S. dollars for the construction of a refinery in Angola's northern province of Cabinda.

The Cabinda Refinery, valued at 473 million U.S. dollars, is funded by 138 million U.S. dollars from existing shareholder resources and an additional 335 million dollars in project financing provided by a banking syndicate led by AFC, Afreximbank, and several international and local financial institutions, according to the statement.

This financial package will cover the initial construction phase of the Cabinda Refinery, allowing for the processing of 30,000 barrels of crude oil per day.

Upon completion of the first phase, the refinery is expected to supply approximately 10 percent of Angola's refined petroleum products, increasing to 20 percent after the second phase.