Angola’s state oil company, Sonangol, has secured a $2.65 billion financing deal from a group of foreign banks, a company spokesperson told Reuters. Bankers said the funds will support the company’s operating expenses and capital investment plans.
Sonangol is the largest company in the Southern African oil-producing country and has operations across the energy value chain, including crude oil and natural gas exploration and production.
As part of its regular funding efforts, Sonangol is also holding talks with Chinese financial institutions to secure a $4.8 billion loan. The company plans to use part of the funding to support the construction of a new refinery in the Atlantic port city of Lobito.
According to the spokesperson, Standard Bank of South Africa, Societe Generale, Absa, and First Abu Dhabi Bank participated in the latest financing deal. He did not disclose the terms of the agreement.
source: www.reuters.com
African Energy Council