Angola’s state-owned oil giant, Sonangol, has secured a $2.65 billion financing facility from a syndicate of international lenders, reinforcing investor confidence in one of Africa’s largest energy companies.

The funding will support the company’s operational requirements and capital investment programs as it accelerates expansion across the oil, refining and energy infrastructure value chain.

The financing consortium includes Standard Bank, Societe Generale, Absa Group and First Abu Dhabi Bank, highlighting sustained international appetite for African energy assets.

Lobito refinery remains a strategic priority

The latest transaction comes as Sonangol continues discussions with Chinese financial institutions over a proposed $4.8 billion loan aimed at partially financing the construction of the Lobito refinery, one of Angola’s most important industrial projects.

Located on the Atlantic coast, the refinery is expected to strengthen domestic fuel production and reduce the country’s reliance on imported refined petroleum products.

The project forms part of Angola’s broader strategy to increase value addition within its energy sector while creating new export opportunities across Southern and Central Africa.

From regulator to commercial energy powerhouse

Headquartered in Luanda, Sonangol has evolved into a fully commercial energy operator following reforms that transferred regulatory responsibilities to the National Agency of Petroleum, Gas and Biofuels.

Today, the company manages interests across exploration, production, refining, logistics and fuel distribution while maintaining partnerships in key international markets, including Brazil, Venezuela and the Gulf of Mexico.

Diversifying beyond oil

Sonangol is also positioning itself for the global energy transition. The company recently signed a project development agreement with Swakop Uranium to advance mineral development opportunities linked to growing global demand for uranium and critical minerals.

The move underscores a wider trend among African resource companies seeking exposure to future-facing sectors while leveraging traditional energy revenues to fund long-term growth.

Combined with the new financing package, Sonangol’s strategy signals Angola’s determination to remain a major player in both conventional energy and emerging mineral supply chains.