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

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.

CEO Sebastião Gaspar Martins told reporters the company is in talks with “financial institutions in China” to secure funding for a project phase estimated at $6.2…