A weak economy drives Angola into the arms of the IMF as Luanda's elite works more closely with their Chinese counterparts in local and regional deals
China's relations with Angola suffered a setback this month
when Luanda turned down the acquisition by China National Offshore
Oil Corporation and Sinopec of a coveted oil block. Worse, lower
than expected oil revenues have battered the Angolan economy and
government officials are scheduled to meet representatives of
the World Bank and International Monetary Fund at the end of this
month to negotiate a support package.
Sonangol, the state-owned oil company, invoked its right of first
refusal on 10 September on a 20% share of Block 32 held by United
States-based Marathon Oil. China National Offshore Oil Corporation
and China Petroleum and Chemical Corporation (Sinopec) were planning
to buy the block - a promising investment, boasting 12 oil discoveries
and estimated recoverable reserves of 1.5 billion barrels of light
crude - in a 50-50 joint venture for US$1.3 bn....
(This article contains approximately 1429 words)
