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Vol 48 No 7

Published 30th March 2007


Oil's new power


Angola's oil-backed rulers are standing proud on the international scene. In the last three months, Angola has joined the Organisation of Petroleum Exporting Countries (OPEC); pulled out of negotiations for a new standby arrangement with the International Monetary Fund (IMF); paid off official debts in the Paris Club; paid off private debts to Portuguese construction companies; broken off negotiations with Sinopec, China's state oil company, over a proposed 200,000 barrel-per-day (bpd) refinery; and ejected ExxonMobil from a liquefied natural gas project. At home, they threaten political opponents and are thinking about nuclear energy.

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