Angolan President João Lourenço inaugurated the Cabinda Refinery on Monday, marking the country’s first new oil processing facility built since independence, the Ministry of Mineral Resources, Petroleum and Gas announced.

The $473 million first-phase project is a partnership between private investor Gemcorp, which holds a 90 percent stake, and state-owned oil company Sonangol with 10 percent.

The refinery will initially process 30,000 barrels per day before scaling up to its full capacity of 60,000 barrels per day.

Angola aims to reduce its dependence on imported refined petroleum products through the facility.

Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo said the arrangement preserves state control over Angola’s oil resources.

Under the processing fee model, Sonangol supplies crude oil to the refinery while retaining ownership of both the raw material and refined products. Gemcorp receives a processing fee for its services.

“What matters is not the shareholder structure but the contract governing this project,” Azevedo said. “There is no loss of sovereignty. The oil and refined products remain under the control of the Angolan state.”

The minister said sovereignty is measured by political decision-making capacity and regulation rather than ownership percentages.

Cabinda Governor Suzana de Abreu said the opening is a milestone that will transform natural resources locally while generating employment and economic opportunities for the region.

Gemcorp Director Marcus Weyll said the refinery brings knowledge and skills that will benefit future generations and reflect the company’s core values.

The facility uses modern technology adapted to national conditions and aims to stimulate the local economy while creating jobs in the oil-rich Cabinda province.

The refinery is part of Angola’s broader strategy to add value to its crude oil exports domestically rather than exporting raw materials for processing.