Botswana in Talks for Stake in Angola's Lobito Refinery
Botswana is in talks with Angola's Sonangol to acquire a stake in the $6.6 billion Lobito refinery. The facility aims to reduce regional fuel import reliance.
State-owned oil firm Sonangol has entered high-level negotiations with Botswana regarding the sale of an equity stake in the $6.6 billion Lobito refinery project in Angola. This strategic move is part of the Angolan government's effort to attract partners for the delayed facility, which is expected to have a processing capacity of 200,000 barrels per day upon completion.
Media reports indicate that the government of Botswana is evaluating a 30% shareholding in the plant to bolster its domestic energy security. While a spokesperson for Sonangol confirmed that talks with Botswana Oil have taken place, a specific timeline for a final shareholders' agreement has not yet been established.
