finance
Sonangol Secures $2.65 Billion Loan from International Banks
Angola's state oil company closed a $2.65 billion financing package last week to cover operating costs and capital spending. The deal follows a $1.75 billion facility from Afreximbank in January and a $750 million bond sale earlier this year.
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Angola's state oil company closed a $2.65 billion financing package last week to cover operating costs and capital spending. The facility was arranged by a group of foreign banks that included Société Générale, First Abu Dhabi Bank, Standard Bank of South Africa and Absa.
Local lenders Banco Fomento de Angola, Banco Millennium Atlântico and Banco Angolano de Investimentos contributed $105 million.
Sonangol obtained a $1.75 billion facility from the African Export-Import Bank in January to support working capital and crude trading. It later raised $750 million through a bond issue. The company has stated that proceeds will fund day-to-day operations and investment projects.
has outlined plans that include asset sales, internal restructuring and a possible initial public offering in 2027. The firm has reported that much of its profit currently comes from dividends and external holdings rather than core oil operations.
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