Botswana 🇧🇼 To Buy 30% Stake in Angola’s 🇦🇴 $6 Billion Lobito Refinery
Botswana is buying up to a 30% stake in Angola’s $6 billion Lobito Oil Refinery project. Once the deal is completed, Botswana will make $700 million every year.
The government says it is buying a stake in the Angolan refinery to strengthen its energy security amid the growing global energy crisis due to the ongoing U.S.-Israel-Iran war. Botswana, which relies on imported refined petroleum products, says the deal will ensure stable pump prices and energy security.
The Lobito Refinery is Angola’s largest refinery, with a production capacity of 200,000 barrels per day. It is expected to provide Botswana with a long-term fuel supply.
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