State group Sinopec aims to invest US$20 billion in Africa

12 December 2013

The state-held China Petroleum & Chemical Corporation (Sinopec) group plans to invest US$20 billion in Africa in the next five years, specifically in Angola, the China Daily newspaper reported in its Tuesday edition.

Citing group president Fu Chengyu, the newspaper adds that Sinopec has invested US$6 billion in Angola to date, besides “reinforcing cooperation with the Angolan state oil company Sonangol”.

Angola is currently China’s second biggest supplier of oil, after Saudi Arabia.

The China Petroleum & Chemical Corporation ranks fourth on the list of the world’s 500 biggest companies drawn up annually by the American magazine Fortune. It is active in 15 African countries, among them Nigeria, Angola, Gabon, Cameroon and São Tomé and Príncipe.

China is the world’s second biggest economy after the United States and imports nearly 60 percent of the oil it consumes. Imports are expected to rise by 7.3 percent this year compared to 2012. (macauhub)