Angola invites Namibia to join oil refinery project
Namibian president Netumbo Nandi-Ndaitwah concluded a visit to Angola where the Lobito refinery was discussed.
Angolan president João Lourenço invited Namibia to take an equity stake in the Lobito oil refinery, currently under construction. Lourenço extended the invitation on Monday at the end of Namibian president Netumbo Nandi-Ndaitwah’s visit to Angola. The refinery is designed to process 200 000 barrels of crude oil daily.
Presidential spokesperson Jonas Mbambo stated that any discussion of investment arrangements is premature as the bi-national commission only concluded on Monday. He noted that similar invitations were extended to Botswana and Zambia, and that Namibia requires careful consideration of large investments to ensure they are in the country’s best interests.
Rodney Cloete, shadow minister for international relations and trade, suggested Namibia should prioritize fuel storage at Walvis Bay for greater control over fuel supply and price. Angola’s state-owned oil and gas company Sonangol leads the refinery construction, having committed US$1.6 billion to the building cost and seeking finance partners for the remaining US$4.8 billion.
Why it mattersNamibia has been invited to become a shareholder in Angola's Lobito oil refinery, a decision that requires careful consideration of its potential financial and strategic benefits.