Follow Us on Google Discover- ANGOLA’S state oil company, Sonangol, will benefit from a new $2 billion line of credit from the Chinese Development Bank to finance new projects, the oil corporation said Monday.
- “This Chinese financing will support Sonangol’s plans for expansion in oil and gas,” the company said in a statement, adding that among the first projects will be a new refinery in Lobito, southern Angola, next year.
- The southwest African country is China’s second biggest supplier of oil, accounting for some 40 percent of the Asian giant’s needs.
- Since the end of Angola’s civil war in 2002, Beijing has extended a total of $14.5 billion (11.65 billion euros at current exchange rates) to the former Portuguese colony, according to the latest figures from the Chinese embassy in Luanda.
- Press
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