Mozambique’s Oilmoz secures funding for construction of a refinery

15 November 2012

Mozambican oil company Oilmoz – Investimentos e Participações has reached an agreement with a “sovereign fund” to finance construction of a refinery in Mozambique costing an estimated US$12 billion, said the company’s chief executive.

Speaking to financial news agency Reuters, Fausto Cruz also said that the agreed funding was for a maximum of US$17 billion and added that construction of the refinery, which will have a capacity to process 350,000 barrels of oil per day, would begin in the Summer of 2013.

As well as the refinery, Oilmoz is looking into building a natural gas-fired power plant, fuel storage tanks and a factory to produce oil derivatives as well as a sea terminal for oil tankers.

Cruz also said that the agreement, including financing terms, would soon be made public via a joint statement. (macauhub)