Petroleum Africa
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Sunday, December 20, 2015
Sinochem Group signed a deal with Sonatrach, Angola’s state-owned oil company, to buy crude oil for more than 10 years. The Chinese firm is expected to receive four to five cargos per month under the agreement.
The deal is a coup for Angola, as OPEC members fight for market share, particularly in China, the world’s largest energy consumer.
While payment terms were not disclosed in the Sinochem statement, the deal is directly related to loans that the Chinese government has given to Angola according to sources in a Reuters report.
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