Jean Marc Thyst News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Charné Hundermark, Southern and East Africa Editor February 23, 2021 Image: Medafrica Times The Republic of the Congo launched the construction of a $600-million oil refinery near the port city of Pointe-Noire on Sunday. The ground-breaking ceremony was attended by President Denis Sassou Nguesso and represented as a pivotal moment for the nation’s hydrocarbon sector, which seeks to increase domestic refining capacity and offset chronic fuel shortages. With a capacity of 2.5 million tons per annum (mtpa), the Atlantic Petrochemical Refinery serves to diversify ...

The 2.5 million tons per year facilty will cost $600m. Named Atlantic Petrochemical Refinery, this unit will be built on 240 hectares and must officially offer more than 5,000 direct and indirect jobs. It aims to diversify and consolidate the industrial fabric of the country which depends essentially on oil, its first source of export. The project follows an investment agreement concluded in 2020 between the Congolese government and the Beijing fortune Dingheng investment Co Ltd. The amount of the contract is 600 million dollars, according to a parliamentary source contacted by AFP, but who ...