A Sino-Angolan consortium will invest 12.4 billion euros (US$13.8 billion) in the construction of an oil refinery in the northern Angolan province of Bengo, Portuguese news agency Lusa reported.

According to Lusa, Angolan state-run firm Sonangol has a 40-percent share in the consortium, while the remaining shares belong to Angolan private company GPM International Services and a group of Chinese companies, which was not identified in the report.

The “Prince de Kinkakala”, as the refinery will be called, will have the capacity to refine 400,000 barrels of oil-derived material per day.

Its construction – which is expected to employ 24,000 workers – should start in the end of August and be concluded within five years.

The news agency said the project from the consortium also includes the building of a power station, with a 200-megawatt production capacity, a “university city” and major hospital. These initiatives are expected to generate a total of 12,000 jobs once they are completed.

According to Lusa, this is the third new oil refinery being planned or under construction in Angola. The country currently has only one operational refinery, in the capital, Luanda. All the three new Angolan refineries involve Chinese companies, the report added.