Companies / Angola
China Builds Angolan Presence
June 2006 | Contract NewsChina is building a sound portfolio of Angolan concessions, continuing the Asian giant's preference for African concessions at the expense of more traditional suppliers in the Middle East. National energy group Sinopec has reportedly secured interests in three offshore blocks through its Angolan joint venture, with a bid that is reportedly in the region of US$2.4bn. The Chinese government appears determined to woo African countries with significant hydrocarbons deposits, and in return states such as Angola are benefiting from access to a willing customer base. Chinese Premier Wen Jiabao is due to tour the continent this month in a further
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