Luanda, Angola — Sonangol is asking Chinese lenders for 4. 8 billion U. S.
Dollars to revive the stalled Lobito refinery, according to local reports that surfaced on Tuesday.
The requested credit would cover the bulk of construction costs for what would become the country’s first new refinery in decades. If completed, officials estimate the facility could process 200,000 barrels of crude per day and supply most domestic fuel needs, sharply reducing Angola’s dependence on imported gasoline and diesel.
No final agreement has been signed, but government statements indicate the parties are working on repayment terms, interest rates, and timelines.
The refinery has already been delayed more than once since it was first announced in the mid — 2010s; the latest target for start-up is 2025, though that date may now be revised. Chinese lenders have funded other Angolan projects, including roads and bridges, but a loan of this size would be the largest Chinese credit line to the oil-rich nation since 2017.
Sources close to the negotiations say the financing is expected to come from a consortium of export — credit agencies and state banks, rather than a single institution.
Sonangol has confirmed that preliminary technical studies are complete, and that site preparation near the Atlantic port of Lobito has already begun.
However, the company has not disclosed how much equity it would contribute, nor which Chinese firms might sign engineering contracts.
Angola currently refines only a small share of the 1. 1 million barrels it produces daily, forcing the treasury to spend billions each year on imported fuels.
Energy ministry officials argue that bringing refining capacity onshore would keep revenue inside the country and ease pressure on the kwanza.
Opposition lawmakers welcomed the prospect of cheaper fuel but urged transparency. “Parliament should see the full contract before any loan is ratified,” one lawmaker said in a written statement.
Independent observers note that previous megaproposals in the energy sector have stalled after financing hurdles or cost overruns.
Further details of the loan package, including collateral and environmental conditions, were not immediately available. Officials promise a public briefing once negotiations conclude.
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Source: Africa.
