Home China Headline Oil refinery talks with Angolan firm end

Oil refinery talks with Angolan firm end

Angola's state oil company said it ended talks with China Petroleum & Chemical Corp to invest in a US$3.7 billion oil refinery, threatening Chinese plans to boost energy cooperation in Africa, Bloomberg News reported yesterday. Sonangol, based in the Angolan capital Luanda, is seeking to cut the cost of the 200,000 barrel-a-day plant and may start construction in the second half of this year, Vice President Anabela Fonseca said yesterday at an oil refiners' conference in Cape Town, South Africa. "Sonangol has decided very recently to carry out this project on its own," she said. The Sonaref project in Lobito municipality "is under way." China plans to increase investment in Africa to tap oil and natural gas resources. China's government offered a US$2 billion loan to Angola through Eximbank, state-owned Angola Press Agency reported on June 22. That's in addition to US$2.4 billion of credit provided in March 2006. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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