China Chokes Angola Credit
Is China beginning to lose patience with the Angolan regime? Maka Angola has learned that the China Development Bank (CDB) has declined to make any further funds available to the Angolan state oil company Sonangol, under a US $15 billion line of credit granted in December 2015, citing Angola’s “lack of contractual compliance” and attempts to “use the money for indeterminate ends”. Sources at the Angolan Finance Ministry have revealed that US $5 billion of December’s loan was intended to cover oil production costs, leaving US $5 billion for debt refinancing. In exchange Angola would increase its cargoes of crude to China. The other US $ 5 billion are for the Finance Ministry’s use. Until recently over half of the 50-60 oil shipments out of Angola each month went to the Western oil majors who operate the oil fields and platforms that allow Angola to export 1.8 million barrels per […]
Read more