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The state-owned oil company is expanding and forming new partnerships, but the new focus is gas development, with tax incentives for exploration

Undaunted by the collapse of the international oil and gas market, Luanda's state-owned oil company Sonangol is setting its international sights ever higher. On the back of Angola's prodigious hydrocarbon reserves, Sonangol is buying up acreage in Algeria and Iraq, as well as going into partnership with Portuguese construction company Mota-Engil and with China's Beiya International Development to form China Sonangol, which has bought assets in Africa, Asia and Latin America.

(This article contains approximately 1351 words)

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Keywords:

Algeria, Iraq, Portuguese, China, Russian, Dmitri Medvedev, José Eduardo dos Santos, Jonas Savimbi, José Botelho de Vasconcelos, United States, Expensive and risky investment, Manuel Vicente, Italy, Switzerland, Martin Eisenring, Sindika Dokolo, Congolese, Augustin Dokolo Sanu, Isabel, António 'Mosquito' Mbakassy, Dutch, Manuel, Nunes Júnior, Maria van der Hoeven, British, Spain, Mexico, oseph Bryant, Mota-Engil, Movimento Popular de Libertação de Angola, União Nacional para a Independência Total de Angola, nous, Banco Africano de Investimentos, Futungo de Belas, Fundação Eduardo dos Santos, Grupo Gema, Amorim Energia, Amigotel, Gas Natural