Zambia To Source African-refined Oil
In an attempt to lower fuel prices, Zambia has shown keen interest in importing fuel from its neighbor Angola
Zambia plans to acquire stakes in Angola’s Lobito refinery located in Benguela Province along the Atlantic Coast.
Zambia’s President Hakainde Hichilema announced during his visit to Angola that Zambia will invest in the under-construction Lobito refinery, set to be completed in 2026.
President Hichilema also expressed interest in trading for Angolan refined oil after meeting with Angolan President João Lourenço.
In a press conference, President Hichilema stated that it is illogical to import fuel from distant countries while it is being refined within the African continent. He said, “It makes no sense to import fuel from other parts of the world when we have a neighboring producer.
”I don’t know how we have managed to maintain this situation of buying fuel from Saudi Arabia and other parts of the world and not from our neighbor,” he said
“It is very natural that Zambia, as our neighbor, has a great interest in acquiring these fuels in Angola, in the neighboring country, especially when Angola has a greater capacity to refine the crude oil it extracts,” The president of Angola added.
The Lobito refinery, once completed, will have the capacity to produce 200,000 barrels per day. Under the current proposal, private investors, including Zambia, will hold 70% ownership in the refinery, while Angola’s state oil firm, Sonangol, will hold 30% ownership.
During his visit to Angola on Tuesday 10.01.2023 the President of Zambia was given an opportunity to tour the Benguela refinery and the Lobito corridor on Thursday 12.01.2023. The Lobito corridor, which includes a railroad and port, links key mining regions in Zambia and the Democratic Republic of Congo to the Atlantic Coast.
