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Final investment decision taken for Angola's Cabinda oil refinery

JOHANNESBURG, Oct 30 (Reuters) - Angolan state oil company Sonangol and investment group Gemcorp said on Friday that a final investment decision had been taken for the construction of the Cabinda oil refinery in Angola.

“The refinery will be the first private investment of this nature in Angola and will utilize the latest U.S. technology,” Sonangol and Gemcorp said in a statement.

The companies said the refinery’s three phases could involve more than $900 million of capital expenditure.

The first phase of the project is expected to include a 30,000 barrels per day (bpd) crude distillation unit and storage facility, the statement said. The second and third phases will upgrade the Cabinda refinery into a full-conversion refinery with an additional 30,000 bpd capacity.

Sebastião Gaspar Martins, chairman of Sonangol, was quoted in the statement as saying the final investment decision was an important milestone for Angola. The refinery would reduce its dependence on imports of refined products, he said. (Reporting by Alexander Winning; editing by Emelia Sithole-Matarise)

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