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Published 1st September 2009

Vol 2 (AAC) No 11


Angola

Luanda diversifies its portfolio

Image courtesy of Panos Pictures
Image courtesy of Panos Pictures

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A weak economy drives Angola into the arms of the IMF as Luanda's elite works more closely with their Chinese counterparts in local and regional deals

China's relations with Angola suffered a setback this month when Luanda turned down the acquisition by China National Offshore Oil Corporation and Sinopec of a coveted oil block. Worse, lower than expected oil revenues have battered the Angolan economy and government officials are scheduled to meet representatives of the World Bank and International Monetary Fund at the end of this month to negotiate a support package. Sonangol, the state-owned oil company, invoked its right of first refusal on 10 September on a 20% share of Block 32 held by United States-based Marathon Oil. China National Offshore Oil Corporation and China Petroleum and Chemical Corporation (Sinopec) were planning to buy the block - a promising investment, boasting 12 oil discoveries and estimated recoverable reserves of 1.5 billion barrels of light crude - in a 50-50 joint venture for US$1.3 bn.


The Luanda-Beijing axis targets Guinea

Guinea's military ruler Moussa Dadis Camara set up a commission on 28 August to manage a planned US$1.6 billion investment from the China International Fund. The CIF is 70% owned...


Telecoms domination in three fell swoops

Financial and communication technology are powering major Indian deals

Untitled Document Indian companies are behind three now somewhat troubled bids to take over the choicest assets in the African telecoms business: Bharti's US$23 billio...


The oil revenue row

Scrutiny of oil figures from CNPC suggests that the Khartoum government has been cheating the South of substantial revenues

Beijing faces a new round of criticism over its heavy investments in Sudan's oil business following the publication of a report by British lobbyists Global Witness(1) on 7 Septem...


Nuclear-fuelled relations

New Delhi made one of its most important energy and resource deals in Africa on 31 August, signing an accord with the Namibian government to allow for trade in uranium to supply In...


Africa slips down the foreign policy agenda

After its regime change, Tokyo will focus more on China and the USA and begin a cost-cutting review of its Africa and development policy initiatives

Tokyo's pledges to double aid to Africa and offer US$4 billion in concessional loans are in question following the landslide election of the Democratic Party of Japan on 30 Augus...


Financial follow-through

Aggressive investment by the China Investment Corporation, which manages nearly US$300 billion of Beijing's $2.1 trillion in foreign reserves, is leading to a boom in Africa-focuse...



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