Angola’s state oil company Sonangol has secured a $2.65 billion international financing package, a move designed to protect the nation’s critical one-million-barrel-per-day oil production floor and fund the development of a planned refinery in Lobito.
The transaction, structured by the African Export-Import Bank (Afreximbank), represents a significant capital injection aimed at stabilizing output amid broader global energy market uncertainties.
This development arrives as Angola continues to diversify its economic base, with non-oil trade reaching $2.
The financing underscores the strategic importance of maintaining Angola’s export capacity, which remains a key component of global supply dynamics.
By locking in this capital, Sonangol signals its intent to sustain production levels despite potential fiscal pressures or operational challenges.
The Lobito refinery project, a central beneficiary of the funds, is expected to enhance domestic refining capabilities and reduce reliance on imported products, thereby strengthening the country’s energy security posture.
This development arrives as Angola continues to diversify its economic base, with non-oil trade reaching $2.1 billion in 2024, driven largely by diamond exports and logistics services.