Angola: Soyo's Oil Refinery to Produce 100,000 Barrels Day

Luanda — Angola, a major oil producer in Africa, on Thursday kicked off a roadshow in Luanda to introduce a construction project of an oil refinery in Soyo City, northern Zaire Province.

Angola's Ministry of Mineral Resources and Petroleum has informed that Thursday's roadshow precedes the one to be held in Dubai on October 22 before the launching of an international tender for the construction of the refinery to be launched on October 24.

The international tender is aimed at the selection of a firm or joint venture to finance the construction of the project through the Build-Operate-Transfer (BOT) system.

The refinery must have processing capacity of 100,000 barrels/ day, the Ministry has revealed.

José Alexandre Barroso, secretary of State for Petroleum, said on the occasion that there are three oil refineries expected to be built, namely in Benguela, Soyo and Cabinda to meet the demand of the domestic market.

He underscored that Angola needs about 360,000 oil barrels processed daily, which corresponds to 80 percent of refined products the country has imported, which has been very costly to the state.

"Today we have a capacity of less than 80,000 barrels. There is the domestic market and there is the foreign market in neighboring countries. This should be enough incentive for us to have to build these refineries", José Barroso assured.

He stressed that it is urgent to find a sustainable solution to reduce this dependence and to create a balance between the dependence on refined products in the domestic market and the expenditure of foreign currency on its importation.

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