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  • When will Angola's Cabinda Oil refinery start production?
  • LONDON, Oct 29 (Reuters) - Angola's Cabinda oil refinery is set to begin production by April, as it completes its first phase just ahead of schedule but over budget, the CEO of Gemcorp Holdings Limited, the project's biggest shareholder, told Reuters on Tuesday.
  • Why is Angola establishing a Cabinda refinery?
  • The establishment of the Cabinda refinery is part of Angola’s strategic plan to enhance energy independence and security. By processing crude oil domestically, the country aims to reduce its costly reliance on fuel imports, which have long posed economic inefficiencies.
  • Will Angola start producing oil in 2024?
  • While billion-dollar gas projects progress, developments across the renewable, power and infrastructure sectors have also advanced, with several anticipating a 2024 start. The first phase of Angola’s Cabinda Refinery, an integrated modular oil refining platform, will start production in 2024.
  • How will Angola's new fuel refinery benefit its economy?
  • Expected to be completed within two years of the refinery’s startup, the second phase will significantly boost Angola’s refining capacity, positioning the country to meet more of its fuel needs domestically and contribute to economic growth.
  • Who is the biggest buyer of Angolan crude?
  • China is the biggest buyer of Angolan crude, accounting for nearly 60% of 2023 exports, according to Kpler data. Once on stream, the refinery will initially export fuel oil and naphtha which cannot be processed locally, while supplying the local market with diesel and jet fuel, Bostandjiev said.
  • How much oil does Angola produce a day?
  • Representing one of the leading producers in Africa, Angola’s oil production is expected to remain steady at approximately 1.1 million barrels per day in 2024. While billion-dollar gas projects progress, developments across the renewable, power and infrastructure sectors have also advanced, with several anticipating a 2024 start.