• Angola seeks partners for Lobito refinery, retains at least 51% stake

• Project delayed; $4.8 billion financing gap remains

• Zambia confirmed investor; China talks ongoing, others unfinalized

Angola is seeking partners to help finance the construction of the Lobito refinery but will retain control of the project, a senior Sonangol official said.

The country plans to keep a majority stake of at least 51% under any financing structure, according to Reuters on Wednesday, April 15. While open to bringing in investors, authorities say this condition is non-negotiable in ongoing talks.

The move comes as construction of the refinery has been delayed for several years. With a planned capacity of 200,000 barrels per day, the facility would be the largest in the country.

Sonangol says it has already committed $1.4 billion to fund initial infrastructure, including roads and water supply systems linked to the project. Authorities are now seeking to close a financing gap estimated at $4.8 billion.

Luanda has turned in particular to China to secure funding. A two-phase plan worth $2.2 billion followed by $2.6 billion has been discussed with Chinese counterparts, Kiteculo said.

Between confirmed commitments and unconfirmed interest

Beyond talks with China, Zambia remains the only partner with a formal commitment to the project. In June 2025, local media reported that Lusaka acquired a 26% stake, part of a strategy to secure fuel supplies.

Other expressions of interest have not yet led to firm deals. In November 2024, Nigerian industrialist Aliko Dangote visited Luanda, where the terms of a possible investment in the refinery were discussed alongside oil and cement projects. No agreement has been reached.

More recently, Botswana’s possible involvement has been raised in public discussions. Business Insider Africa reported that the idea was mentioned in Botswana’s parliament in March 2026, with a potential 30% stake under consideration.

Angolan authorities have dismissed this scenario. Kiteculo said Sonangol had received no formal request from Gaborone. “It was the first time we heard that Botswana was interested,” he said.

Abdel-Latif Boureima