On September 1, 2025, Angola marked a historic milestone with the inauguration of the Cabinda Oil Refinery by President João Lourenço. Built with an investment of US$473 million, the project is a joint effort between private investor Gemcorp (90%) and Angola’s state oil company Sonangol (10%).

The refinery is designed to process up to 60,000 barrels per day (bpd), beginning with 30,000 bpd in its first phase. This state-of-the-art facility is set to play a vital role in boosting Angola’s energy independence, reducing reliance on imports, and unlocking fresh opportunities for the economy.

Speaking at the event, Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, called the refinery a “strategic asset” that will secure the nation’s energy future, create jobs, and add value to Cabinda province. He emphasized that Sonangol remains in control of the crude oil and refined products. Gemcorp’s role, he clarified, is limited to providing refining services under a processing fee model, ensuring Angola keeps ownership of its resources.