Angola's Sonangol secures $2.65bn financing from foreign banks

Angola's state oil company Sonangol has secured $2.65 billion in financing from a consortium of foreign banks, as it seeks to fund operations and investment against a backdrop of declining production.

The company confirmed the deal, which involves four international lenders: France's Société Générale, the United Arab Emirates' First Abu Dhabi Bank, and South Africa's Standard Bank and Absa. The funds are earmarked for operating expenses and capital expenditure.

The financing comes at a challenging time for Angola's oil sector. The country's crude output fell below one million barrels per day in mid-2025, its lowest level in more than two years, even as the industry faces substantial investment needs.

It is the latest in a series of fundraising moves by Sonangol. Earlier in the year the company secured a $1.75 billion facility from Afreximbank for its trading operations and working capital, and raised $750 million through a five-year bond on international markets.

Sonangol has also been in talks with Chinese financial institutions to raise billions more toward the construction of a refinery at the Atlantic port of Lobito, part of Angola's push to expand domestic refining capacity and shore up its energy economy.