Angolan energy company Etu Energias and Malaysian lube marketer Glide Technology Sdn announced they will form a joint venture to develop a lubricant blending plant, the first of its kind in Angola.
Etu Energias said it is pursuing the project because the country has one of Africa’s fast-growing economies and populations and is becoming a popular tourist destination – all of which foretells healthy growth in the retail sector.
The joint venture is developing of a blending plant in the capital Luanda with capacity to make 12,000 metric tons per year of lubricants, according to a recent news release by Etu. The project is estimated to cost $5 million production facility is scheduled to commence operations in 2025.
Speaking at a ceremony for the formation of the joint venture, ETU Chief Operating Officer Edson dos Santos expressed confidence that the initiative would establish Angola’s domestic lubricant production capabilities, with room for expansion. The plant’s projected production capacity would cover 25% of domestic consumption, Santos stated, as reported by state news agency Angop on March 7.
Angola currently consumes around 40,000 tons of finished lubricants annually, according to Etu.
Santos added that while the factory is under construction, the products branded as Premium and Beyond will be imported from Glide’s production facility in Malaysia.
Angola’s blending plant will produce seven different products for gasoline and diesel engines, as well as marine and industrial oils. The company has yet to finalize the site and plans to break ground of the new facility later this year.
Also, the company expects significant growth and plans to expand its retail operations from three to approximately 40 filling stations across the country in the next couple of years, all featuring their line of automotive lubricant products.
Headquartered in Luanda, Etu is a privately owned energy company engaged in crude oil trading, production and marketing of renewable energies generated from solar, biomass, hydro, wind and waste sources.
Kuala Lumpur -based Glide Technologies is a Malaysian manufacturer of lubricants and other petroleum products. It operates a factory based in Shah Alam.