Gemcorp strives to get Cabinda refinery back on track
The project spearheaded by Gemcorp to build a refinery in Angola is well behind schedule, but the London-based investment management firm still believes in the project and its team in Luanda.
With the public health crisis having already taken a toll on Total's sales of petroleum products on the continent this year, the spectre of competition from modular refineries is giving the major cause for further concern.
The Ang family-owned Genea Angola is behind Cimenfort, the new kid on the block in Angola's phosphate exploration sector. This Brazilian clan with Chinese roots first came to prominence as property developers in the suburbs of São Paulo and Luanda.
With the preliminary studies for a 60,000-bpd refinery in the remote Cabinda province complete, the path is clear of a FID. The man behind this achievement is financier Reginald Crawford, the right-hand man of Gemcorp founder Atanas Bostandjiev.
President João Lourenço has revoked the mining permit for the Maua diamond site that had been run since 2013 by firms owned, according to the Luanda Leaks, by his predecessor's daughter, Isabel dos Santos. The decision comes amid a wave of changes to the mining industry driven by the head of state.
Angola's Cabinda mega refinery project, which was hatched as a way of ending the embarrassing petrol shortages which regularly paralyse Africa's second biggest oil producer, has attracted all the major international operators, thanks to the financial and oil supply guarantees offered by President João Lourenço.