Angola, an oil-rich nation in Southern Africa, is poised to experience a significant boost to its economy through a series of ambitious infrastructure projects.
These projects, set to be completed over the next few years, will not only improve the country’s physical infrastructure but also create job opportunities and drive economic growth.
One of the most significant infrastructure projects in Angola is the Cabinda Refinery. Sponsored by Gemcorp and Sonangol, the first phase of this project will begin in 2020 and produce 30,000 barrels per day (bpd) of refined oil.
This output will meet approximately 10% of Angola’s domestic oil consumption. The second phase will see the capacity of the refinery increased to 60,000 bpd. The Cabinda Refinery is expected to not only address Angola’s reliance on imported refined products but also to position the country as a key player in the African oil industry.
Another infrastructure project set to supercharge Angola’s economy is the Angola/Zambia Oil Pipeline (AZOP). In January 2023, Angola and Zambia agreed to accelerate the development of this $5 billion pipeline.
The private sector, in collaboration with Angolan state-owned company SONANGOL and Zambia’s Industrial Development Corporation-IDC Zambia, will spearhead the project. This pipeline will enhance the connectivity between the two nations, improving trade and economic cooperation. It is expected to have a significant positive impact on Angola’s economy by facilitating the transportation of oil and other petroleum products.
The construction of the Caio Deepwater Port in Cabinda is another infrastructure project that will supercharge Angola’s economy. This massive undertaking, which commenced in 2015, will feature an impressive 1130-metre pier capable of accommodating up to four ships simultaneously.
With a capacity of 60 containers per hour, the port will significantly enhance Cabinda’s capabilities as a major hub for international trade. By facilitating the import and export of goods, the Caio Port will create new business opportunities and spur economic growth in Angola.
The Soyo Refinery, being constructed by the US-based Quanten Consortium, is yet another infrastructure project that will have a transformative effect on Angola’s economy. With a focus on “Deep Conversion,” this refinery aims to produce consumer-ready fuels and asphalt while adhering to strict environmental standards. By reducing Angola’s dependence on imported refined products and supplying the international market, the Soyo Refinery will strengthen the country’s oil industry and bolster its economic growth.
The project also includes a tank farm, a marine terminal, power generation, water treatment, and local economic development initiatives. Once completed in 2025, the Soyo Refinery will position Angola as a leader in environmentally sustainable and technologically advanced refining facilities in Africa.
These infrastructure projects in Angola hold immense potential to supercharge the country’s economy. By improving the country’s physical infrastructure, creating jobs, and stimulating economic growth, they will transform Angola into a regional powerhouse.
Furthermore, these projects will also enhance regional connectivity, boost trade, attract foreign direct investment, and unlock new business opportunities. Angola’s commitment to expanding its infrastructure is paving the way for a brighter and more prosperous future for the country as a whole.