Sonangol has garnered expressions of interest from Chinese investors and financial institutions in support of the Lobito Refinery project, which received a significant boost in October 2020.
This momentum came when the national oil company inked a contract with Chinese contractor CNEC, aiming to complete the construction by 2027.
Chairman of Sonangol’s Board of Directors, Sebastião Gaspar Martins, unveiled these expressions of interest during his visit to China alongside President João Lourenço.
Speaking on the radio program Ngol, broadcast by Sonangol on RNA, Martins revealed the enthusiastic response from investors and financial institutions, expressing optimism about securing both investment and financing for the refinery with additional efforts.
Martins also underscored Sonangol’s interest in tapping into China’s considerable potential in renewable energy, particularly in solar panel production.
This aligns with Sonangol’s strategic shift towards becoming a national energy company, moving away from the traditional focus solely on oil.
Highlighting the broader goal of diversifying energy sources beyond oil and gas, Martins emphasized the opportunity to leverage Chinese expertise and capacity in various sectors.
He deemed the trip and participation in an investment conference as fruitful, noting significant progress in achieving the outlined objectives in China.
As Martins concluded his visit, he expressed confidence in securing investors and partners for the Lobito Refinery project, reinforcing the positive outcomes of the engagement and highlighting the potential for further collaboration in Angola’s energy sector.
