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Angolan President João Lourenço announced on Monday, 19 October, that he had invited Namibia to become a shareholder in the Lobito oil refinery, currently under construction in Benguela province, with a planned processing capacity of 200,000 barrels of oil per day. The initiative aims to strengthen energy cooperation between the two countries and promote the local processing of petroleum resources.
The announcement was made in Luanda following a meeting with Namibian President Netumbo Nandi-Ndaitwah, who is on a two-day state visit to Angola. During the visit, the two countries signed eight cooperation agreements covering several sectors, including fisheries, tourism, sports and culture.
João Lourenço explained that Angola has been sharing its experience in oil exploration, production and marketing with Namibia, as the neighbouring country prepares to develop its own oil industry.
According to the Angolan leader, Namibia's participation in the Lobito refinery could provide the country with greater access to refined petroleum products, supporting regional economic integration.
"Angola has already been cooperating with Namibia, sharing our extensive experience in oil exploration, production and marketing," João Lourenço said.
The President added that, once completed, the refinery will be capable of producing fuels such as diesel and petrol, helping meet domestic demand while supplying neighbouring countries, with priority given to those holding shares in the project.
The initiative forms part of Angola's strategy to reduce its dependence on crude oil exports and expand domestic refining capacity, adding value to its natural resources before they reach international markets.
João Lourenço stressed that oil-producing countries must invest in domestic refining, particularly given the vulnerabilities affecting international supply chains as a result of geopolitical conflicts.
"We, as oil-producing countries, have even more reason to pay close attention to the need to sell less and less crude oil and increasingly sell refined petroleum products," he stated.
Meanwhile, Namibian President Netumbo Nandi-Ndaitwah emphasised the importance of African countries adopting new strategies to maximise the economic benefits of their natural resources rather than remaining dependent on raw material exports.
"Our countries are both rich in natural resources, so we must no longer allow our resources to be exploited and exported as raw materials," she said.
The state visit also includes a tour of the Luanda refinery, scheduled for Tuesday, 20 October, allowing the Namibian President to gain further insight into Angola's experience in domestic oil processing.
Namibia's potential entry into the Lobito refinery's shareholding structure could mark a significant step forward in energy cooperation between the two countries, although the financial terms and proposed ownership stake have not yet been disclosed.
The project is considered strategic for Angola as the country seeks to increase domestic fuel production, reduce its dependence on imported petroleum products and establish itself as a regional supplier of refined fuels.
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