Angola Gives Quanten Ultimatum on $3.5 Billion Oil Refinery

Angola minister says Quanten faces difficulties raising funds
Angola plans to build three oil refineries to reduce imports

Diamantino Azevedo
Photographer: Dwayne Senior/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Candido Mendes

June 12, 2024 at 3:23 PM UTC

This article is for subscribers only.

Angola has threatened to terminate a contract with U.S.-based group Quanten LLC to build a $3.5 billion oil refinery in the African country if it fails to raise the funds for the project.

Angolan Mineral Resources Minister Diamantino Azevedo said Quanten was given the ultimatum after it showed “serious difficulties” in securing financing for the 100,000-barrel-per-day facility in Soyo, a city located about 260 miles north of the capital Luanda.