Sonangol signs $1-bln financing deal

Sonangol has signed a USD 1-billion financing agreement for its Sonangol Finance subsidiary, the Angolan NOC announced Friday.

The deal has a five-year tenor and has been fully subscribed by the African Export-Import Bank, Natixis, Société Générale Corporate & Investment Banking and Standard Chartered Bank.

“The purpose of the agreement is to pay all commissions, costs and expenses with this financing and to fund purchases under credit purchase agreements, which will in turn be used by Sonangol EP to finance the planned expenditures and requirements of capital expenditures following the Sonangol Regeneration Programme,” the NOC said in a statement.

Sonangol launched its Regeneration Programme in September 2018. The programme places the focus of the state enterprise on the activities of the petroleum industry value chain: exploration, research and production of crude oil and natural gas; refining; liquefaction of natural gas; transportation; storage; distribution; and products.