LUANDA, June 17 – Sonangol has secured a $2.65 billion financing package from a syndicate of international banks as the company seeks to strengthen its operations and support strategic investments across Angola’s energy sector.
According to Reuters reports, the financing was arranged through a group of lenders that includes Standard Bank Group, Société Générale, Absa Group and First Abu Dhabi Bank.
The terms of the facility were not disclosed.
Banking sources indicated that the funding will be used to support Sonangol’s operational expenditure and capital investment programme as the company continues to expand its activities across the energy value chain.
Sonangol remains Angola’s largest company and a central pillar of the country’s oil industry, with operations spanning crude oil and natural gas exploration, production, refining, transportation and distribution.
The financing comes as Angola seeks to sustain investment in its energy sector while maintaining production capacity and developing downstream infrastructure.
In addition to the newly secured facility, Sonangol is reportedly in discussions with Chinese financial institutions regarding a separate $4.8 billion loan package intended to partially finance the construction of a new refinery in the Atlantic port city of Lobito.
The proposed refinery forms part of Angola’s broader strategy to expand domestic refining capacity, reduce reliance on imported petroleum products and strengthen value addition within the country’s energy sector.
The Lobito project is also expected to reinforce Angola’s position as one of Africa’s leading oil producers while supporting industrial development and job creation.
The latest financing highlights continued international lender interest in Angola’s energy sector despite a challenging global environment marked by commodity price volatility, energy market disruptions and tighter financing conditions.
For Sonangol, access to large-scale international financing remains critical as the company pursues infrastructure expansion, production growth and long-term investments aimed at enhancing Angola’s energy security and export capacity.
The deal also underscores the growing role of African, Middle Eastern and international financial institutions in funding major energy projects across the continent as governments and state-owned enterprises seek capital to modernize infrastructure and unlock new sources of economic growth.
