Angola becomes main African oil supplier to India

18 May 2011

Luanda, Angola, 18 May – Indian state oil company, Indian Oil Corp has purchased 1.6 million barrels of oil for delivery in June from Angola, making Angola the main African oil supplier to India, according to the Reuters news agency.

Citing sources close to the negotiation process, the news agency said that the purchase was part of an acquisition of 2.6 million barrels due for delivery in June in Africa, and Nigeria will provide the remaining 1 million barrels of oil.

Angolan weekly newspaper Expansão, in its turn, said that since the end of the first quarter of this year, India, alongside the United States, has been the main buyer of Angolan oil.

Until the end of 2010, India imported around 7 percent of Angola’s oil production and the outgoing Indian ambassador to Angola has stated his country’s interest in increasing the amount of oil it buys from Angola.

“We would like to get to 10 percent. We have 18 refineries and import around 70 percent of the oil we need,” the ambassador said. (macauhub)