Sonangol and Gemcorp have received funding to advance its Cabinda oil refinery project in Angola. The secured financial package will cover the initial construction phase valued at US$473,, for which Gemcorp and Sonangol have provided US$138m of equity.

The project secured a $335 million project financing facility led by Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank), as well as a consortium of lenders that includes the Industrial Development Corporation (IDC) of South Africa, The Arab Bank for the Economic Development in Africa (BADEA) and Banco de Fomento Angola (BFA).

Construction works are currently ongoing with 30% of completion, with initial test runs at the refinery planned for December 2023.

Once operational, the Cabinda refinery is expected to have a processing capacity of 60,000 barrels per day.