May 14, (THEWILL) – Nigerian oil and gas giant, Aiteo Eastern E&P Company Limited has entered into a strategic partnership with Mozambique’s national petroleum company, PETROMOC, to construct a 200,000-barrel-per-day refinery.
The announcement, made during the 11th Mozambique Mining and Energy Conference and Exhibition in Maputo, marks a significant milestone for the East African nation, which currently imports the bulk of its refined petroleum products.
Mozambique President Daniel Chapo, who witnessed the MoU signing, said, the ambitious refinery project is expected to be completed within 24 months.
He described the project as a “transformative” initiative that aligns with the country’s goal to become a competitive energy player in the region.
“This refinery will not only enhance our fuel production capacity but also position Mozambique as a central player in the region’s energy supply chain. It will generate jobs, particularly for our youth, and boost our storage capacity to 160,000 metric tonnes for liquid fuels and 24,000 metric tonnes for LPG.This milestone reflects our commitment to fostering a secure, credible, and reform-driven environment for private sector growth”, Chapo said.
Designed to produce gasoline, diesel, naphtha, and Jet A1 fuel, the facility aims to serve both domestic needs and neighboring markets across Southern Africa.
Currently, Mozambique is heavily reliant on fuel imports, primarily from India, the UAE, Bahrain, Saudi Arabia, and Malaysia. The new facility is seen as a game-changer that could reduce this dependency and improve energy security.
Industry analysts, including Quantum Commodity Intelligence, say the project could reshape trade flows in the African energy sector, similar to how Nigeria’s Dangote Refinery has begun to alter West Africa’s fuel import-export dynamics.
Aiteo is owned by Pan-African billionaire, Benedict Peters, whose networth is estimated to be around $4 billion USD.
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