Angola’s Sonangol raises funds to finance restructuring programme

27 December 2018

Angolan national oil company Sonangol has obtained US$1 billion from a banking syndicate to finance its ongoing restructuring process, the state group said in a statement.

The financing, taken on by Sonangol Finance Limited and guaranteed by Sonangol, was fully subscribed by the African Export-Import Bank, Natixis, Société Générale Corporate & Investment Banking and Standard Chartered Bank.

The funding is intended, according to the statement, to finance anticipated expenses of the Angolan oil group’s restructuring process.

The president of the group, Carlos Saturnino, announced last November that Sonangol would reach 2021 with a smaller structure that was, “more agile and financially robust” with the implementation of the restructuring or “regeneration” programme.

Saturnino also said that the programme will take two years to be implemented, with three phases, “and is intended to transform Sonangol into a true oil research, prospecting, exploration and distribution company.” (macauhub)