Angola, Senegal invest in new refineries.

Senegal and Angola have commissioned new oil refining projects to increase petroleum capacity and tap into regional demand. Angola, which imports 70% of its gasoline needs from the US, is to build a $8bn, 200,000 barrels a day facility near the port of Lobito. The plant is due for commissioning by the end of 2013. About 90% of the refinery's output will be sold domestically and in neighbouring countries with the remainder exported to other regions. Oil is Angola's lifeblood, accounting for 95% of its export revenues and 40% of GDP. In September last year Angola overtook Nigeria to become Africa's largest and the world's eighth-largest oil producer. Its reserves are estimated at around 20bn barrels. Senegal, meanwhile, has entered into an agreement with Iran's national oil refining company to increase the capacity of its petroleum processing facility from 25,000 barrels a day to 64,000. A further Iranian-built refinery and petrochemical complex in Senegal is on the cards.