Angola Seeks 4.8 Billion Dollar Chinese Loan for Refinery
Sonangol seeks a 4.8 billion dollar loan from China to fund its Lobito refinery. The deal marks a return to Chinese credit without using oil as collateral.
Xurve View
Insights:
Xurve View
The state-owned oil company of Angola[Country:{ "assets":{ "country":"AO" } }], Sonangol, is currently in negotiations with financial institutions in China[Country:{ "assets":{ "country":"CN" } }] to secure a $4.8 billion loan. This funding is intended to support the construction of a major new refinery located in the Atlantic port city of Lobito. The total cost of the project is estimated at $6.2 billion, with the current financing round targeting a specific phase of development.
