Gemcorp Holdings Limited (GHL), Africa Finance Corporation (AFC) and the African Import-Export Bank (Afreximbank) complete the financing of the $335 million USD project for the Cabinda Oil Refinery in Angola.

At the end of phase 1, the refinery will process 30,000 barrels of crude oil per day and meet approximately 10% of the country's total demand for refined petroleum products. The $473 million project is funded by equity capital estimated at $138 million already made available by project sponsors and through a $335 million USD project financing mechanism led by AFC, Afreximbank, and a consortium of international and local financial institutions. The project is being developed by GHL in partnership with the Angolan national oil company, Sonangol

The credit facility covers the first phase of the project and paves the way for implementation, which will allow 30,000 barrels of crude oil to be refined per day. In due course, the second phase will process an additional 30,000 barrels, bringing the refinery's refinery capacity to 60,000 barrels per day upon completion of the project

At the end of the first phase, the refinery is expected to meet approximately 10% of the country's total demand for refined petroleum products, and approximately 20% once the second phase is complete, while creating more than 1,300 direct and indirect jobs as part of the process. To date, 300,000 hours of training have been provided to local employees, and 1,000,000 hours of work have been completed as part of the project, with no injuries reported