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Angola's Sonangol in talks with China for $4.8 billion refinery loan

Africanews · 1 month ago
Africanews
Africanews
1 month ago

Angola's state-owned oil company Sonangol announced Wednesday it is negotiating a $4.8 billion loan with Chinese financial institutions to partially finance a new refinery in the Atlantic port of Lobito, marking the country's first such borrowing from China since 2017.

Breakdown
  • Sonangol is negotiating a $4.8 billion loan with Chinese banks for a Lobito refinery
  • The next phase of the refinery project is estimated at $6.2 billion 12s
  • This could be Angola's first Chinese loan since 2017 21s
  • Sonangol's team will travel to Beijing in April for talks 27s
  • Angola's oil-backed debt to China has dropped to $7.73 billion 49s
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