Zambia has officially secured a 26% stake in Angola’s Lobito oil refinery project, Angola’s largest oil refinery.
The Lobito refinery, currently under construction in Angola’s Benguela Province, is set to become one of Africa’s largest petroleum processing refineries, with a planned capacity of 200,000 barrels per day.
Once completed by 2026, the multi-billion-dollar refinery will refine crude oil for both international and domestic export, including export to Zambia and the Democratic Republic of Congo.
Zambia becomes a key shareholder alongside Angola’s state oil firm Sonangol (which holds a 30% stake), while the remaining shares are allocated to other regional and private investors.
Part of the agreement will see Angola transports refined petroleum products to Zambia.
Plans are underway to construct a pipeline from Angola to Zambia, enabling direct transport of refined petroleum products to Zambia.
“This is a strategic move to end our historical dependency on distant and costly fuel sources,” Zambian President Hakainde Hichilema said. “We are unlocking long-term energy security for Zambia and the wider region.”
This could lower Zambia’s fuel import costs and lead to retail price reductions of up to 15%.
