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Zambian President has Shown Interest in Importing Angolan Refined Oil

In an attempt to lower fuel prices, Zambia has shown keen interest in importing fuel from its neighbor Angola. Zambia also disclosed plans to own stakes in Angola’s Lobito refinery in Benguela Province along the Atlantic Coast. This is based on President Hakainde Hichilema’s assertion to the people of Angola during his visit to the country, that Zambia would invest in the Lobito refinery, which is currently under construction. The refinery is expected to be completed in 2026. Once completed, the refinery would have the capacity to produce around 200,000 barrels per day. Based on the current proposition, private investors, including Zambia, will own 70% stake in the refinery, while Angola state oil firm Sonangol would own a 30% stake. The Zambian president had landed in Angola on Tuesday and was given a tour of the refinery in Benguela on Thursday and the Lobito corridor, consisting of railroad and port, which connects Zambia and the Democratic Republic of Congo’s key mining regions to the Atlantic Coast.