Angola’s national oil company Sonangol is seeking $4.8 billion to address the funding shortfall at the planned Lobito Refinery. The company is currently engaging Chinese and European lenders, targeting an operational start of 2027.
To bridge the investment gap, the company is in talks with the Industrial and Commercial Bank of China, Société Générale, Standard Chartered and the African Export-Import Bank. At a total investment of $6.6 billion, the single-train refinery plans to start construction in 2026. Sonangol is providing $950 million toward the development, primarily covering the first phase of the project.
“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, Sonangol Refining, Reuters reports.
With a planned capacity of 200,000 barrels per day (bpd), the Lobito Refinery will be Angola’s largest refining facility upon its completion. China National Chemical Engineering Co. is leading construction and engineering for the project, while consulting firm KBR is managing consulting activities following the completion of the Front-End Engineering and Design work.
