HomeNewsMozambique to build its own refinery

Mozambique to build its own refinery

Oilmoz chief
executive Fausto
Cruz “’ announces
new  US$12 billion
Maputo, Mozambique — 15 November 2012 – Mozambican oil company Oilmoz – Investimentos e Participações “’ has reached an agreement with “a sovereign fund” to finance construction of a refinery in Mozambique costing an estimated US$12 billion.    
Macauhub News Agency reports that, revealing this here to financial news agency Reuters, Oilmoz chief executive Fausto Cruz also said that the agreed funding was for a maximum of US$17 billion. He added that construction of the refinery, which would have a capacity to process 350,000 barrels of oil per day, would begin in the summer of 2013.

In addition to the refinery, Oilmoz is looking into building a natural gas-fired power plant, fuel storage tanks and a factory to produce oil derivatives, as well as a sea terminal for oil tankers.

Cruz confirmed that the agreement, including financing terms, would soon be made public via a joint statement.

Source: Macauhub News Agency. For more information, click here.