Angola Turns to China for $4.8 Billion Refinery Loan

A security guard looks on as people wearing face masks walk past the headquarters of the Angolan state oil company, Sonangol in the capital Luanda August 21, 2022. Photo: REUTERS

Angola’s state oil company, Sonangol, is seeking a $4.8 billion loan from Chinese lenders to finance the long-delayed Lobito refinery, reinforcing Luanda’s continued reliance on Beijing for large-scale energy infrastructure funding.

The project aims to reduce Angola’s dependence on imported fuel and boost domestic refining capacity, which would also help the country conserve its hard currency reserves.

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by Eric Olander

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