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Article: China : China s oil deals in Africa.
- Article from:
- TendersInfo
- Article date:
- September 30, 2009
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The setback in Angola -- China's largest African partner -- is in stark contrast with the enthusiastic reception it found there five years ago, when China was launching a quest for African resources to feed its economic boom. It made a spate of resource acquisitions in the form of oil-for-infrastructure deals.
In 2004, Sonangol chose Sinopec over India's Oil & Natural Gas Corp. for the sale of an oil-field stake by Shell. The deal came just after China's Export-Import Bank had granted Angola a $2 billion loan.
In the first half of 2008, Angola became China's largest oil supplier, covering 18% of its needs. China's commerce ministry reported Sino-African ...