Lobito, Angola, 13 Feb – Construction of the Lobito refinery, costing the state US$8 billion, is part of the strategy to re-launch the economy over the next few years, the Angolan Oil Minister said in Lobito Thursday.
Botelho Vasconcelos, who was speaking at the meeting at which the project’s coordinators presented the details of that economic unit, noted the fact that the project would bring an end to imports of oil derivatives.
“Angola currently imports 70 percent of fuel and other derivatives and with the refinery in operation this would no longer be done,” he said.
Information provided showed that the refinery would initially transform 150,000 barrels of crude oil per day of the 200,000 that the industry would produce until its consolidation phase.
The work, which began in January, is expected to take 40 months.
The refinery is being built some 10 kilometres north of the city of Lobito and the project is the responsibility of US company Kellogg, Brown & Root (KBR). (macauhub)