Luanda: Angolan Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo on Wednesday described Botswana President Duma Gideon Boko's visit to the Lobito Refinery project as a positive indication of its strategic importance for the region. The visit by the Botswana Head of State to the Lobito Refinery, which will have the capacity to process 200,000 barrels of crude oil per day, comes at a time when Angola is positioning itself as a regional energy hub.
According to Angola Press News Agency, Angola is seeking to strengthen economic relations with countries in Southern Africa, notably Botswana, the Democratic Republic of the Congo, Namibia, and Zambia, within the framework of opportunities created by the development of the Lobito Corridor. Speaking to journalists at the end of the Botswana President's visit, Diamantino Azevedo stressed that Duma Gideon Boko's presence at the project had also highlighted the scale and regional significance of the refinery, particularly for that Southern African country.
Diamantino Azevedo noted that the Botswana President expressed satisfaction with what he observed during the visit, raising questions about the project and showing interest in the progress achieved in its implementation. 'The strategic importance of this project, including from a regional perspective, has once again been reaffirmed here,' the minister said, adding that it is now up to the Botswana authorities to decide on any possible involvement in the venture.
Asked about expectations regarding the financing request submitted to a consortium of Chinese banks and commercial lenders, Diamantino Azevedo said this issue is no longer one of the project's main concerns, given the level of progress already achieved. 'The project has been advancing in line with the schedule,' the minister said, noting that Sonangol has so far covered the costs associated with the implementation of the project.
The minister also revealed that several financing proposals and expressions of interest have been received from companies wishing to participate in the project, but stressed that the Government does not intend to make hasty decisions on the matter. 'We do not want to make any rushed decisions because we have already completed the most complex stages of the project,' he explained, adding that the process will continue to be conducted cautiously, with the objective of meeting the targets set for the refinery's completion.
Regarding the level of completion, Diamantino Azevedo confirmed that the project is progressing positively and in line with the targets established by the Government. 'We are on the right track and, as I have said, we are meeting the established targets. That is the most important thing at this stage,' the minister said.
Asked about the possibility of Botswana accepting the Angolan Government's invitation to establish a partnership in the Lobito Refinery project, the minister said any decision rests entirely with the authorities of that country. Diamantino Azevedo recalled that President Duma Gideon Boko had the opportunity to visit the facilities, learn about the project and raise questions, and that it is now for Botswana to assess any potential interest in participating in the venture.
'Any future involvement in this project is entirely a decision for Botswana,' the minister said. Asked whether the Botswana President had indicated a timeframe for responding to the Angolan Government's invitation regarding possible participation in the project, Diamantino Azevedo said he could not provide any indication. 'I cannot speak on behalf of the President of the Republic of Botswana,' he said, stressing that the decision lies exclusively with the Botswana Head of State and the country's authorities.
The Lobito Refinery is one of Angola's flagship oil sector projects and forms part of the country's strategy to increase domestic refining capacity, reduce dependence on imported refined products and strengthen its position in the regional energy market. The Lobito Refinery project, launched in 2012, represents an updated investment of USD 6.2 billion, of which USD 1.6 billion has already been spent. The first phase of production is scheduled to begin in 2029, focusing on products such as diesel, jet fuel, fuel oil, and naphtha, excluding petrol. Once the Lobito Refinery reaches full operational capacity, it is expected to process 200,000 barrels of crude oil per day, helping to reduce Angola's dependence on imported refined products.
