Sonangol taps Standard Chartered for Lobito refinery

Angola’s state-owned Sonangol EP has selected Standard Chartered Bank UK to provide financial consulting for the construction of its Sonaref refinery at Lobito in Angola’s Benguela Province.

As financial advisor, Standard Chartered will provide economic modeling for the project, including the development of the funding strategy, budget planning, risk management, auditing, and adjustments to the fiscal and trade matrices, Sonangol reported.

The Lobito refinery, on which construction began in December 2012 (OGJ Online, Dec. 2, 2013; Aug. 20, 2009), will have a processing capacity of 200,000 b/d, with commissioning to take place sometime between 2017-18, Sonangol said.

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