The Odebrecht group company will start work on the oil refinery in Angola between April and May

Odebrecht announced this week that it will build a new oil refinery plant in Angola. The company chosen to carry out the works was OEC, which operates in the field of engineering and construction of the Odebrecht group. The oil refinery will be built in the province of Cabinda, which is about 30 km north of Luanda, the capital of Angola. The contract value is estimated at US$ 920 million and the installation works are expected to start between April and May of this year (2021).

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Oil refinery capacity in Angola

The total capacity of the Odebrecht oil refinery will be able to process around 60 barrels a day of crude oil, which will follow up on gasoline, diesel, aviation fuel, kerosene and also fuel oil.

The main focus of this investment is to reduce as much as possible this dependency that Angola has, when it comes to importing refined products, as well as leveraging the country's exports in the oil production sector.

In all, the project is divided into 3 stages, the first of which is estimated at US$ 220 million, as it involves increasing refining capacity, with a forecast of producing around 30 barrels per day. The initial operation tests should start in the first quarter of 2022. In the next stage, the increase in the production of barrels of oil/day will be evaluated.

The contract signed between Cabinda Oil and OEC on Friday (12) seals the commitment they will have from now on. Details on the work will be released as soon as the complete analysis of the contract and final signature is made. An average of 2 direct and indirect jobs will be generated.

STATISTICS

Angola is one of the largest crude oil producing countries in Africa, second only to Nigeria. In 2018, the volume was 3,5 million tons of consumed refined products. 80% of the products were imported, with 65% coming from China.

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Odebrecht group's vision for the contract

According to Odebrecht, the contract signed between OEC and Cabinda Oil is essential to leverage its project sector, since there was a big drop when the group was framed in Operation Lava-Jato, by the Federal Police, between 2014 and 2015, harming OEC's operations in Brazil, Latin America and Africa. The expectation is that this new project will bring better visibility to the controlling group.