- Tsaone Segaetsho
President Duma Boko announced this week that Angola has extended an offer for Botswana to acquire a stake in the Lobito Refinery, a key strategic petroleum project spearheaded by Angola’s state-owned oil company, Sonangol.
Speaking at a press conference in Gaborone, Boko said the offer was made during his recent visit to Angola. The Lobito Refinery, valued at US$6 billion, is designed to process up to 200,000 barrels of crude oil per day. It forms a central component of Angola’s ambition to increase domestic refining capacity, reduce fuel imports, and strengthen regional energy security.
Angola, ranked among Africa’s top four crude oil producers and 18th globally, last year opened a 70 per cent equity stake in the Lobito project to private investors and African governments. Several countries have expressed interest, including landlocked Zambia, which is working towards operationalising a 26 per cent stake in the project. According to President Boko, Botswana has been offered 30 per cent of the remaining equity.
Boko praised Botswana’s growing stature in African multilateral and diplomatic circles, saying;
“We are aligned. Botswana is increasingly being recognised by other African leaders as a model — the best investment environment and the safest for any investor.”
The Lobito partnership coincides with Botswana’s broader plans to enhance energy security, including a proposed joint oil refinery project with neighbouring Namibia. Botswana currently imports around 1.3 billion litres of fuel annually—equivalent to approximately 21,000 barrels per day—with 60 per cent sourced from South Africa, and the balance from Mozambique and Namibia.
