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Tue, 26 Feb 2019 11:16 - Updated Tue, 26 Feb 2019 11:16

Consortium negotiates financing for Cabinda refinery

Luanda - Northern Cabinda Province refinery operator United Shine is negotiating with a syndicate of banks to finance the implementation of the new refinery project, announced on Monday Joaquim de Sousa Fernandes, chairman of the Executive Council of Sonaref firm, a partner of the project.

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The expansion and conclusion of the Cabinda refinery project is expected by the end of 2021. In this business, United Shine (90%) and Sonaref (10%) constitute the consortium to which the public concessionaire Sonangol awarded the contract for the construction of the project.


Following the joint venture agreement between the two firms, United Shine, the project operator, is working on planning all aspects of engineering and logistics to get started with the new refinery construction work.


The consortium is also working with the Cabinda government and the Ministry of Territorial Planning and Housing to legalize the space where the future refinery will be built, which will also be dedicated to petrochemical activity.


Meanwhile, in relation to the Lobito refinery (coastal Benguela Province), Sonaref's manager, speaking at a press conference on the occasion of Sonangol's 43rd birthday, said that it will be completed in 2025.


According to the official, they are currently negotiating with a group of companies to set up a joint venture and respective quotas. The forecast is to conclude in the first half of this year the legal aspects, then work to redefine the design of the refinery, which will be done by the American company KBL, only then will the indicative cost of the project be known.


The construction of the Lobito refinery was already underway, but its cost was very high. So it went on a standstill for three years and will now be redefined for a more economical design.


 

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