Angolan oil exports to China increase seven-fold in 3 years

1 December 2005

Luanda, Angola, 01 Dec – Angolan oil exports to China have increased almost seven-fold between 2001 and 2004, the largest increase among all its export countries, Angolan National Bank figures show.

Last year, China bought US$3.72 billion of oil from Angola, double the value of 2003, increasing its position as second largest importer of Angola’s oil, catching up the United States which bought US$3.9 billion of oil from the country.

In 2001, Angolan exports to China stood at US$520 million.

In total, Angola exported oil worth US$12.44 billion, almost double that of 2000.In volume, Angolan unrefined oil exports increased around 15% to 244.5 million barrels. Exports of refined oil products increased 6.5% to 147.6 million euros.

According to the Bank of Angola, diamond sales remained flat from 2003 to 2004, totaling US$789.6 million, and accounted for almost all non-oil exports.

Direct foreign investment in Angolan increased by almost US$2 billion in 2004, to US$13.45 billion, the bank said. (macauhub)