Zambia has engaged in fuel importation from Angola in a bid to reduce fuel price.
According to the President of the country, Hakainde Hichilema during his visit to Angola, the African country revealed her intentions to own stakes in Angola’s Lobito refinery at the Atlantic Coast. He professed the intention to invest in Lobito refinery which is in the works and by 2026, it is expected to be completed.
Following his meeting with the partner country’s president, João Lourenço, Hichilema disclosed his interest to delve into the option of having dealings with Angola concerning the refinery.
During a press conference, the president declared the irrationality of fuel importation from a non African country when it is available within the continent, stating that, “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,”.
João Lourenço buttressed, “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,”
At the completion of the refinery, there would be daily production of around 200,000 barrels. According to the ongoing offer, Zambia, with the inclusion of private investors, there will be stake ownership of the refinery at a 70% rate while Angola’s Sonagol will possess 30%.
On the president’s arrival in Angola early in the week, he was taken round the refinery in Benguela, including the crucial mining regions to the Atlantic Coast on Thursday.