Angola’s national oil company Sonangol is aggressively courting international financiers to secure a critical $4.8 billion funding package for its ambitious Lobito Refinery project. The company has cast a wide net, engaging both Chinese and European lenders to ensure the refinery remains on track for its 2027 operational launch.
In a determined push to bridge the substantial investment gap, Sonangol executives are holding high-level discussions with the Industrial and Commercial Bank of China, Société Générale, Standard Chartered and the African Export-Import Bank. The refinery, requiring a total investment of $6.6 billion, is scheduled to begin construction in 2026. Sonangol has already committed $950 million toward the development, focusing primarily on funding the project’s initial phase.
“We are not only dealing with Chinese banks; we are looking for other alternatives as well. We are confident the financing will be raised and the refinery will go ahead,” stated Joaquim Kiteculo, Chief Executive of Sonangol Refining.
With a planned capacity of 200,000 barrels per day, the Lobito Refinery will claim the title of Angola’s largest refining facility upon completion. China National Chemical Engineering Co. has secured the lead role for construction and engineering, while international consulting powerhouse KBR is managing consulting activities following the successful completion of the Front-End Engineering and Design work.
Source: energycapitalpower.com
