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    AFA: China extends $2bn credit line to Angolan state oil firm

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Summary

Angola's state oil company Sonangol will benefit from a new $2.0 billion line of credit from the Chinese Development Bank to finance new projects

by: Sruthi

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Press Notes, Africa

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AFA: China extends $2bn credit line to Angolan state oil firm

Angola's state oil company Sonangol will benefit from a new $2.0 billion line of credit from the Chinese Development Bank to finance new projects, the state oil company 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.
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