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Africa Oil & Gas: Angola mulls refining crude oil abroad
The government of Angola has commissioned an economic feasibility study on the possibility of refining of crude oil extracted in Angola at a foreign refinery, according to an order from the country’s Oil Minister.
The order authorising the hiring of a consultancy to draw up this feasibility study indicates that this company will also advise on the “re-examination of the strategy to liberalise the oil derivatives logistics segment, including asphalt.”
In February, the Angolan government appointed a multi-sector commission coordinated by the Minister of Finance, Archer Mangueira, to draw up by the end of March a study including “technical proposals on the viability of the implementation of a development project for the Soyo refinery.”
In 2015 the government announced the laying of the foundation stone for construction of the Soyo refinery, which was expected to start operating in 2017, processing 110,000 barrels of oil per day.
To ensure increased domestic refining capacity, Angola was building a refinery in Lobito, in Benguela province, with capacity to process 200,000 barrels of oil per day, the completion was set for 2018.
However, due to financial restructuring at Sonangol, caused by the fall in revenues from the export of oil and a debt of almost US$10 billion, the board of the state company decided in 2016 to suspend the project to analyse its “strategic vision and economic viability.” (macauhub)