Angola’s Sonangol Raises $2.65 Billion from International Banks to Fund Operations and Refinery Expansion
Angola’s national oil company, Sonangol, has secured a US$2.65 billion financing package from a consortium of international banks to support its operational needs and ongoing capital investment programme, according to a company spokesperson cited by Reuters.
Sonangol, Angola’s largest energy company, operates across the full hydrocarbons value chain, including crude oil and natural gas exploration, production, and downstream activities.
Bankers involved in the deal said the funding will help strengthen the company’s liquidity position and support its investment plans in the oil and gas sector.
The spokesperson did not disclose the specific terms of the agreement.
The financing was arranged with participation from several major financial institutions, including Standard Bank of South Africa, Société Générale, Absa, and First Abu Dhabi Bank.
In parallel, Sonangol is also in discussions with Chinese financial institutions to secure an additional US$4.8 billion loan.
Part of the proposed funding is expected to support the development of a new oil refinery in the coastal city of Lobito, a key project aimed at expanding Angola’s refining capacity and reducing reliance on imported fuel products.
The latest financing underscores continued international confidence in Sonangol as Angola seeks to strengthen its energy infrastructure and expand downstream capacity.
