Angola has recently offered Botswana a 30% stake in the $6 billion Lobito Oil Refinery project. This offer aims to enhance regional energy security and reduce Botswana’s reliance on fuel imports.
The refinery, located in Benguela Province, is designed with a capacity of 200,000 barrels per day. Its current and proposed ownership includes,
Sonangol (Angola): Holds approximately 30%,Zambia secured a 26% stake (formalised in June 2025).
and Botswana is been offerd a 30% stake (as of March 2026).
The remaining shares (approximately 14–44%, depending on finalized government stakes) are allocated to private institutional investors.
Aliko Dangote has expressed significant interest in acquiring a large portion of the 70% total stake originally available to private entities.
The project is a core component of the Lobito Corridor, which includes a planned 1,400 km pipeline to transport refined products directly to Zambia.
The refinery is expected to be operational by 2026/2027 and is projected to lower retail fuel prices in the region by up to 15%.
Separately, Angola and Botswana are also in talks to potentially acquire a significant stake in De Beers to gain more control over their natural resources.
Note by Alessandro Bazzoni