Zambia also disclosed plans to own stakes in Angola’s Lobito refinery in Benguela Province along the Atlantic Coast.
This is based on president Hakainde Hichilema’s assertion to the people of Angola during his visit to the country, that Zambia would invest in the Lobito refinery, which is currently under construction. The refinery is expected to be completed in 2026.
Hakainde Hichilema, after his meeting with the Angolan president João Lourenço, revealed his intent to explore the possibilities of trading for Angolan refined oil.
The president of Zambia stated during a press conference, that it is unreasonable to import fuel from halfway across the world, when it is being refined in the confines of the African continent. “It makes no sense to import fuel from other parts of the world when we have a neighboring producer.” He said.
“I don’t know how we have managed to maintain this situation of buying fuel from Saudi Arabia and other parts of the world and not from our neighbor,” he added.
“It is very natural that Zambia, as our neighbor, has a great interest in acquiring these fuels in Angola, in the neighboring country, especially when Angola has a greater capacity to refine the crude oil it extracts,” The president of Angola added.
Once completed, the refinery would have the capacity to produce around 200,000 barrels per day. Based on the current proposition, private investors, including Zambia, will own 70% stake in the refinery, while Angola state oil firm Sonangol would own a 30% stake.
The Zambian president had landed in Angola on Tuesday and was given a tour of the refinery in Benguela on Thursday and the Lobito corridor, consisting of railroad and port, which connects Zambia and the Democratic Republic of Congo’s key mining regions to the Atlantic Coast.