Cabinda Refinery Receives $335 million funding

Gemcorp Holdings Limited (GHL), in partnership with Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank), has successfully closed the financial chapter on Angola's Cabinda Oil Refinery project. Valued at US$473 million, the initiative is set to transform Angola's energy landscape. Supported by a US$335 million project financing facility led by AFC, Afreximbank, and a consortium of financial institutions, alongside an equity injection of US$138 million from sponsors, the refinery's first phase will process 30,000 barrels of crude oil daily. The project's overarching goal is to boost Angola's energy self-sufficiency, create local jobs, and reduce oil import dependency.

The Cabinda Oil Refinery, a joint effort between Gemcorp Holdings Limited, AFC, Afreximbank, and Angola's state oil company, Sonangol, is a game-changer for Angola's energy security and economic growth. Its capacity is set to double to 60,000 barrels per day in the second phase, meeting about 20% of the country's refined oil demand and decreasing import needs. The project has also prioritized skill development, completing 300,000 man-hours of training and achieving 1,000,000 injury-free man-hours of work. This commitment underlines the refinery's impact on job creation, technological advancement, and sustainable energy for Angola.

The collaboration among Gemcorp Holdings Limited, Africa Finance Corporation, and African Export-Import Bank in realizing the Cabinda Oil Refinery underscores their dedication to Angola's energy transition and economic advancement. By securing substantial financing and leveraging their expertise, these entities have contributed to a groundbreaking refinery that streamlines oil transportation, reduces carbon emissions, and fosters energy self-sufficiency. This achievement aligns with Africa's broader economic development vision, highlighting the potential for collaborative and sustainable energy projects to drive intra-continental growth.

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