Angola’s Sonangol to supply oil to Chinese group Sinochem

17 December 2015

Angolan state oil company Sonangol will supply oil to China’s Sinochem Corp group, under a 10-year agreement signed Wednesday in Beijing, said the Chinese group in a statement on its website.

The agreement was signed by the presidents of Sonangol and the Chinese group, Cai Xi, and the ceremony was attended by Angola’s Minister of Finance, Armando Manuel and the President of the China Development Bank, Zheng Zhijie.

The statement issued by the Chinese group did not give financial or quantitative details but sources cited by the Reuters news agency reported that Sinochem Corp would receive five shipments of Angolan oil per month.

Sonangol already has a contract with the China International United Petroleum & Chemicals Co.,Ltd. (UNIPEC), under which provides an average of 15 shipments per month. The new deal is the first one signed between Sonangol and Sinochem Corp. (macauhub/AO/CN)