Miranda and Fátima Freitas, members of Miranda Alliance, announced today that they have successfully advised the Africa Finance Corporation and Afreximbank in the circa USD 335 million financing of the landmark Cabinda Refinery Project, the first oil refinery established in the country after independence. The project, which will be developed by Gemcorp and Sonangol, reached financial close earlier this month.
The Cabinda Refinery represents a significant milestone in Angola’s infrastructural development, strengthening the nation’s position in the global energy market and creating unprecedented opportunities for economic growth. The first phase of the project will enable the processing of 30,000 barrels of crude oil per day. Subsequently, the second phase of the refinery will add another 30,000 barrels/day, raising the total refining capacity to 60,000 barrels per day. During its construction, the Cabinda Refinery will create more than 1,300 direct and indirect jobs.
Miranda’s involvement in the Cabinda Refinery Project was spearheaded by a diverse and experienced team, including Nuno Cabeçadas, head of project finance, João Leite (partner, banking and finance), Renato Guerra de Almeida (partner, public law) and Inês Frutuoso de Melo (principal associate, tax). Ana Sofia Roque led Fátima Freitas’ team working out of the Luanda office.
Having been the first international firm to establish a presence in Angola, Miranda continues to showcase its depth of understanding of the local market, regulatory environment, and legal framework, as well as the firm’s track record in advising on transformative infrastructural projects.
“We are delighted to have been part of this milestone project,” says Nuno Cabeçadas. “It’s a testament to the significant expertise and robust capabilities our firm has cultivated in Angola over the last 36 years.”
João Leite reflects, “It’s an honor to contribute to Angola’s path of infrastructural growth. We see this as a validation of our deep-seated expertise in this region and our firm’s commitment to fostering sustainable development.”