The new plant will bump up Angola's fuel production to 1,580,000 liters a day, contributing to a 15% reduction in annual imports, says state oil company Sonangol.

That would save the country some $300 million a year, according to Minister of Mineral Resources, Petroleum and Gas in Angola, H.E. Diamantino Azevedo.

The new facility comes on stream as oil and gas prices soar across the world following Russia's invasion of Ukraine.

“We are satisfied with this achievement,” President Joao Lourenco said at a ribbon-cutting ceremony in the capital of Luanda.

The country has plans to build three more refineries in the coming years.

“Producing fuel in large quantities will allow us to earn well ... [and] no longer spend on imports,” Lourenco said.

Angola is sub-Saharan Africa's second-largest oil exporter after Nigeria but, according to government figures, it produces only about 20% of the refined products it needs.

Built with support from Italian energy giant Eni, the new Luanda facility is one of several multimillion-dollar projects initiated by Lourenco, who is seeking re-election in August.