Angola’s Sonangol hires Standard Chartered bank as consultant for Lobito Refinery

3 December 2013

Angolan oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) has hired the Standard Chartered Bank to provide financial consultancy services on its project to build the Lobito Refinery, the state company said in a statement issued in Luanda Monday.

In the statement the company said that it had hired Standard Chartered to prepare the economic model for the project and develop its financing strategy.

These activities will include budget planning, risk management, auditing key elements of the project, as well as adjusting it to the current tax and commercial framework, the statement said.

The Lobito Refinery, work on which began in December 2012, will have capacity to process 200,000 barrels of oil per day and production of around 10 million tons per year and is expected to start operating in 2017/2018. (macauhub)