A Review of the Nigerian Energy Industry

Angola gets $2bn credit from China for oil expansion

13 December 2014, Luanda — A US $2.0 billion credit will be granted by the China Development Bank to the Angolan Oil Company (Sonangol E.P) to boost its expansion projects in the oil and gas segments.

The information is contained in a Sonangol’s press release that reached Angop on Friday.

US dollars moneyAccording to the source, the granting of the loan was announced on Friday in Beijing (China), during the signing of a partnership accord between Sonangol CEO, Francisco de Lemos José Maria and the chairman of the China Development Bank, Zheng Zhijie.

During the ceremony, Zheng Zhijie expressed satisfaction with the partnership accord he said consolidates the relations between the two countries and the credits the China Develoment Bank has been granting to Angola since 2008.

 He stressed that Angola is the second supplier of oil-related products to China and assured that his bank has been following closely the development of Sonangol E.P.

In his turn, Francisco de Lemos José Maria said the China Development Bank funding to Sonangol has ensured the implementation of relevant projects in the field of crude oil exploration, refinery and logistics.

The Angolan official said the loan will help implement some Government projects, including the construction of economic houses which have made visible the cooperation between the two parties.

The accord that will be valid for ten years paves the way to other loans for Sonangol that will start in 2015 the construction of the Lobito refinery, in addition to other gas monitoring projects that started this year.

– AngolaPress

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