Emerging markets asset manager Gemcorp has mobilized a $335 million financing facility for the construction of the Cabinda oil refinery in Angola alongside finance organizations, the African Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank).
With the financing facility, project partners Sonangol and Gemcorp have secured the relevant capital to proceed with the refinery’s development.
The $335 million facility, in conjunction with $138 million in equity provided for by Gemcorp and Sonangol, covers the construction of the first phase of the refinery development.
Phase 1 comprises a crude distillation unit, desalinator, kerosine treating unit and auxiliary infrastructure. Additionally, it involves the construction and installation of a conventional float anchoring system, pipelines and a 1.2-million-barrel storage terminal. Initial construction commenced in 2020.