Sonangol seeks $4.8 billion from Chinese lenders for Angola refinery

LUANDA, February 26, 2026 – Angola’s state oil company Sonangol is in talks with Chinese financial institutions to secure a USD 4.8-billion loan to finance part of an ongoing refinery project in Lobito, on Angola’s Atlantic coast, Reuters reported on Wednesday.

The financing would cover the next phase of the USD 6.2-billion refinery, which is currently under construction, and would mark Angola’s first borrowing from China since 2017, when it moved away from oil-backed loans amid higher interest rates and commodity price volatility.

“The next phase is estimated at USD 4.8 billion, and we are contacting Chinese institutions with the support of the contractor, who is also Chinese, in order to obtain this financing,” Sonangol CEO Sebastião Gaspar Martins said in a news briefing.

Sonangol added that it does not anticipate the loan terms to include using oil as collateral. The company did not indicate which lenders could potentially be involved in the deal, but reporting suggests that China Development Bank could be among the participants, based on statements made in January by Angola’s Ministry of Finance.

A Sonangol delegation is expected to visit Beijing in April for meetings with lenders. The government has described the Lobito Refinery as a strategic project within the country’s plans to reduce its reliance on imports of refined petroleum products. The facility is scheduled to begin production in December 2027.

Read our latest insights on: