Angolan state oil company Sonangol signed a commitment with Italian ENI to upgrade current plans for the completion of the Lobito refinery site, delayed over rising costs and financing problems, according to Reuters.
Sonangol is seeking ENI’s expertise and knowledge in the downstream sector to finalize the site – originally scheduled for completion by 2011 – relying on potential synergies from ENI’s existing refineries.
According to EnergyGlobal, Sonangol and ENI plan to increase demand on investments in the upstream sector, in particular in the operated block 15/06 for the development of the West and East hubs.
Negotiations also included the ongoing evaluation of the gas resources in the lower Congo basin that are expected to help boost domestic energy supplies and diversify country’s economy .
ENI has been present in Angola since 1980 with a net production of about 105,000b/d of oil.