17th October 2023 – The Fund for Export Development in Africa (“FEDA”), Afreximbank’s impact investment subsidiary, has announced an investment into Cabinda Oil Refinery, an integrated modular oil refining platform in Angola being developed by Gemcorp Holdings (“Gemcorp”) in Joint Venture with Sonangol.

Cabinda Oil Refinery is a 60,000 barrel per day (bpd) high conversion refinery, with a first phase of 30,000 bpd, in the Cabinda Province of Angola, one of Africa’s largest crude oil producers. The Refinery is targeted at processing Angola’s crude oil into a variety of petroleum products including diesel, gasoline, naphtha, and jet fuel for both local and export consumption. Upon completion, Cabinda Oil Refinery will double Angola’s refining capacity, enabling the country and the wider region to gradually reduce their reliance on the importation of refined petroleum products. 

With this investment, FEDA confirms its commitment to support Africa’s industrialization and economic development, while ensuring environmental sustainability. The transaction will support Angola’s energy transition by enabling the production of cleaner, high value refined products to cater for up to 20% of the domestic demand, as well reducing emissions by decreasing the need of transportation for both the exportation of locally produced crude oil and the importation of refined products.   

FEDA’s investment comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the debt raising of a $335 million project financing facility in July 2023. With this additional investment from FEDA, the Afreximbank Group demonstrates its unique ability to invest across the capital structure and therefore provide unparalleled support to the development of critical infrastructure across the continent.