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Saturday, 5 July 2008

China in Angola

China is expanding its stake in oil rich Angola with an additional $135 million credit agreement to rebuild Angola's electricity, water and road systems. This comes at a time when Angola has announced it plans to increase production by 100,000 barrels a day before the end of the year (bringing daily production to 2m barrels) and invest massively in exploration and production. The exact amount of the Chinese credit is unknown, though it is believed to be between $4 billion and $11 billion. In truth this is small money considering the windfall revenue from higher oil prices. Angola plans to invest around $100bn in oil exploration over the next five years.

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