is it too good to be true, page-36

Tim, I think the refining profits are much higher in Africa due to the lack of refining capacity available.

Which is why Sonangol has not been able to convince ANYONE in the last 6 -7 years to help build Lobito.

Sonangol even tried to FORCE the majors to help build a refinery by linking refinery build to blocks 15, 17 and 18 concessions. That eventually got abandoned.


This 50,000 bpd refinery does not even produce Gasoline( petrol). It is only a low grade refinery that does not produce high value add product.... produces mostly industrial product.

Anyway, we wait for CVI's detail.