Petroleum Africa
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Thursday, August 25, 2016
Sonangol has suspended construction on some projects in the country. According to a statement released by the Angolan state oil firm, work at the Lobito refinery and the Ocean Terminal of Barra do Dande is now suspended.
It said works has been suspended for reassessing the strategic vision of the projects. The company went on to say that while the projects are of key importance for the country the suspension was necessary due to the “new economic reality facing Angola, particularly the oil sector.”
The suspension means another delay bringing the Lobito refinery onstream. The project was originally scheduled for completion by 2011, but five years later it still is not ready to process crude. Previous delays were due to rising costs and financing problems.
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