Namibia invited to slice of Angolan oil refinery

Angolan president João Lourenço has invited Namibia to become a shareholder in the Lobito oil refinery, which is currently under construction at the coastal city. He made this call at the conclusion of president Netumbo Nandi-Ndaitwah’s visit to Angola on Monday. Lourenço said Namibia could take an equity stake in the refinery, according to news outlet 360 Angola. The refinery is intended to process 200 000 barrels of crude oil per day, which Lourenço said could meet domestic and international demand, 360 Angola reported. Presidential spokesperson Jonas Mbambo yesterday told The Namibian the bi-national commission only ended on Monday, making speculation on investment arrangements premature. “An invitation to consider a proposal doesn’t necessarily mean a formal proposal has been received, let alone a decision has been made.

We understand similar invitations were extended to Botswana and Zambia,” he said. Although energy security is a priority for Namibia, Mbambo said large investments require careful consideration. “We would first need to understand the details, assess the feasibility and determine whether participation would be in Namibia’s best interests,” he said. Independent Patriots for Change shadow minister for international relations and trade Rodney Cloete says Namibia should consider other methods of achieving fuel security first. “A share in someone else’s refinery is not fuel security. If supply runs short, Angola will fill Angolan tanks first. That is natural,” he says. To achieve greater control over fuel, Cloete says the country should instead invest in fuel storage at Walvis Bay to protect against price shocks and supply cuts. “Then we can buy refined fuel from whoever sells it cheapest, Lobito included. If Angola builds a good refinery we can be a…