Angola’s state-owned oil company Sonangol has secured a US$2.65 billion financing package from a group of international banks to support its operations and capital investment plans, the company confirmed on Tuesday.
The financing was arranged through a syndicate that includes Standard Bank Group, Société Générale, Absa Group and First Abu Dhabi Bank, according to a Sonangol spokesperson.
The company did not disclose the terms of the agreement, including the repayment structure or duration of the financing.
Banking sources said the funds would be used to finance Sonangol’s operational expenditure as well as support planned capital investments across its energy portfolio.
Sonangol is Angola’s largest company and plays a central role in the country’s oil and gas industry, operating across exploration, production, refining, logistics and energy services.
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The financing comes as the company seeks to strengthen its position in the energy sector while supporting Angola’s broader efforts to expand domestic energy infrastructure and increase value from its natural resources.
Angola remains one of Africa’s largest oil producers, with crude exports forming a major source of government revenue and foreign exchange earnings. However, the country has been working to reduce its dependence on raw crude exports by investing in refining capacity and downstream industries.
As part of these efforts, Sonangol is also in discussions with Chinese financial institutions to secure a separate $4.8 billion loan package to help finance the construction of a new refinery in the Atlantic port city of Lobito.
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The Lobito refinery project is considered a strategic investment aimed at increasing Angola’s domestic fuel production capacity and reducing reliance on imported petroleum products.
The government has identified refinery development as a priority area, with the goal of improving energy security, lowering fuel import costs and creating additional industrial opportunities.
Sonangol has undergone restructuring in recent years as Angola seeks to improve efficiency, attract investment and prepare the company for a possible future listing on international capital markets.
The company has previously sold some non-core assets and implemented reforms aimed at improving governance and financial performance.
The latest financing deal highlights continued confidence from international lenders in Angola’s energy sector despite challenges facing global oil markets, including price volatility and shifting demand patterns.
For Angola, access to large-scale financing remains important as the country seeks to modernise infrastructure, boost economic diversification and reduce vulnerability to fluctuations in crude oil revenues.
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Sonangol’s ability to attract international financing will also be closely watched as it advances major energy projects, particularly those aimed at expanding refining capacity and strengthening domestic supply chains.
The company’s latest funding agreement marks one of the largest recent financing arrangements involving an African state energy firm and underscores the continued importance of oil revenues in supporting Angola’s economic strategy.
