Luanda — Angola’s state oil company Sonangol has secured a $2.65 billion financing deal with a syndicate of foreign banks, a spokesperson for the oil firm told Reuters, with bankers saying the cash will fund its operational expenditure and capital investment.
Sonangol is the biggest company in the Southern African oil exporting country and operates across the entire spectrum of the energy business including exploration and production of crude oil and natural gas.
To meet its frequent fundraising requirements, Sonangol is also in ongoing talks with Chinese financial institutions to secure a $4.8 billion loan to partly finance the construction of a new refinery in the Atlantic port of Lobito.
The spokesperson said the latest financing involves Standard Bank of South Africa, Societe Generale, Absa and First Abu Dhabi Bank. He did not disclose the terms of the deal.
*Miguel Gomes; Duncan Miriri. Editing: Kirsten Donovan – Reuters
