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