Inauguration of the Cabinda Refinery marks a new energy cycle in Angola

Today, September 1st, the Cabinda Refinery was officially inaugurated by the President of the Republic of Angola, João Manuel Gonçalves Lourenço. Built by Odebrecht Angola, it is the first refinery constructed in the country after the independence, marking a decisive step toward energy self-sufficiency and to the country´s industrial diversification.

The project is the result of a partnership between Gemcorp and Sonangol, through a joint venture in which Gemcorp holds 90% of the capital and Sonangol 10%. In its first phase, this modular refinery will process up to 30,000 barrels of crude oil per day, supplied by Sonangol, and will double its capacity to 60,000 barrels per day once the second phase is completed, which is already underway.

The first phase of the Cabinda Refinery involved an investment of $473 million, financed through equity capital ($138 million) and by an international banking consortium ($335  million) composed of Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Industrial Development Corporation (IDC), Arab Bank for Economic Development in Africa (BADEA), and and Development Bank Angola . The financing model was awarded the “Africa Oil & Gas Deal of the Year” by Infrastructure Journal Global.

Suzana de Abreu, Governor of Cabinda Province, who welcomed the guests, highlighted the importance of the refinery’s inauguration for local development. “The inauguration of this refinery marks a decisive step for Cabinda’s future. It represents an engine of local development, capable of boosting our economy and creating thousands of job opportunities for our citizens. This is, therefore, a  project that symbolizes confidence in our province’s potential and a commitment to building a more prosperous and inclusive future for all.”

Diamantino Azevedo, Minister of Mineral Resources, Petroleum and Gas, stated that “the Cabinda Refinery is a strategic project for Angola’s energy sovereignty, adding greater value to national crude, reducing dependence on costly imports, and creating qualified jobs.” He also highlighted that “this investment strengthens international confidence in the country and aligns with the Executive’s strategic priorities.”

Gaspar Martins, Chairman of the board of directors at Sonangol, expressed the company’s pride in participating in a partnership “that turns the vision of a robust and sustainable energy sector into reality. The Cabinda Refinery is not just an industrial asset, but a platform for developing national skills and strengthening Angola’s economy.”

Atanas Bostandjiev, CEO of Gemcorp Holdings, said this milestone demonstrates Angola’s ability to deliver world-class projects in critical sectors. He emphasized that “Gemcorp’s investment and collaboration with Sonangol and leading financial institutions send a clear message that Angola is now a credible and competitive destination for international investments.”

Marcus Weyll, CEO of Gemcorp ICS, added that more than 3,000 direct jobs were created in this initial phase, with 90 Cabinda-based companies involved. He also highlighted “an intensive training program that has already reached 700 Angolans and will expand to 5,000 people by next year, assuring the refinery is operated by highly qualified national professionals.” He stressed that Gemcorp “is not only building an industrial base but also creating knowledge and skills for future generations.”

Marcelo Hofke, CEO of Gemcorp Angola, stated, “This refinery is born with the mission to serve Angola and Angolans, ensuring energy supply with international excellence standards. Our commitment is to ensure efficient, sustainable operations that meet the growing market needs, consolidating Cabinda as a leading industrial hub in Africa.”

The refinery will produce diesel, aviation fuel, heavy fuel oil, and naphtha—critical products for mobility, energy, and industry. Its operation is expected to save hundreds of millions of dollars annually in imports, preserve foreign exchange reserves, and enhance national energy security.

During the construction, over 14 million man-hours were recorded without accidents, 385 km of cables , 158 km of piping, and more than 15,000 tons of steel were installed, confirming the technical dimension of the project.

The project involved 200 Angolan companies and over 500 companies from 15 countries, representing a highly complex logistical and engineering effort.

The Cabinda Refinery incorporates cutting-edge technologies, including a zero-flaring unit, in compliance with the highest international standards of safety, efficiency, and environmental sustainability.

The inauguration ceremony was attended by First Lady Ana Dias Lourenço; Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo; Sonangol Chairman Gaspar Martins; Gemcorp Capital CEO Atanas Bostandjiev; Gemcorp ICS CEO Marcus Weyll; beyond members of the Executive, the provincial government of Cabinda, traditional and religious authorities, and other guests.

Watch the inauguration video below!