“We are looking at obtaining financing from the Chinese, but we are also advancing financing in other regions,” Martins said. “We still have a lot of work to do in the development of the 200,000-bpd Lobito facility.”

The financing push comes as Angola seeks regional investors for the project. Botswana President Duma Boko visited the Lobito Refinery this week as his country evaluates an investment in the development. Angola has offered Botswana an equity stake of up to 30%, with negotiations between technical teams ongoing. Namibia and Zambia have also been invited to participate.

The refinery forms a central component of Angola’s strategy to reduce its dependence on imported petroleum products. Initial production is expected to start in 2027, with overall completion targeted for 2029. The project comes on the back of the successful commissioning of the Cabinda Refinery – developed by Sonangol and Gemcorp. First phase operations are underway with a capacity of 30,000 bpd, with a planned second phase targeting an additional 30,000 bpd.

“We are still importing around 70% and need to increase [refining capacity],” Martins said, adding that Angola spends approximately $2 billion on refined-product imports. “Our objective is to have above 400,000 bpd refined locally.”

Sonangol is simultaneously strengthening its upstream portfolio – a move which Martins described as being “central” to its downstream strategy. He said the company is currently present in 42 concessions and operates 11, positioning upstream investment as critical to supporting Angola’s broader objective of maintaining national production above one million bpd.

Alongside investment in production and refining, Sonangol is expanding its technical and human-capital capabilities. Martins said the company plans to open its Research and Development Center in Sumbe during the first quarter of 2027.

“We want staff with high-quality skills. We are investing a lot in human development,” he said. “Our research center will open in the first quarter of 2027, situated in Sumbe.”

Sonangol’s annual 2025 report showed that development of the Sumbe facility had reached 98.76% completion in 2025. The center is supporting research into enhanced oil recovery, geological exploration technologies and AI-assisted seismic interpretation, among other areas.

“This will give an opportunity to strengthen capacity in oil and gas,” Martins said. “[The center] will support Sonangol’s next 50 years as one of the country’s strongest oil companies.”