Share

Angolan state oil firm ups presence in China

Luanda - Angolan state oil firm plans to open its fourth international trading office in , the country's top crude export destination, Chief Executive said this week.

, which is 's second-largest oil producer after , sold almost half its crude to last year.

has become 's main market, with also overtaking the - once the top buyer - as the second-biggest importer of Angolan oil in 2012.

"We have three trading offices, selling crude oil, gas and liquefied petroleum gas in (Houston), the () and , and we are about to establish in mainland for the crude oil trade as well," Jose Maria said in a presentation to a trade delegation from .

He did not detail when the new office will be opened.

The CEO said is seeking to raise oil production to 2 million barrels per day (mbpd) from around 1.75 mbpd currently, and once that target is reached the goal will be to sustain the level "for at least 10 years".

's oil minister said earlier this year the country wants to reach the target in 2015.

"We are about to approve oil projects to develop 3 billion barrels in the next few months," Jose Maria said.

last month said it plans to hold bidding this year and next for licences to explore for oil onshore in 10 new blocks in the Kwanza and Lower Congo basins.

Jose Maria said wanted to expand the $10bn liquefied natural gas plant - LNG - which started exports this year.

"If there are enough resources, and we believe there are, we will expand the 5.5 million-tonne unit we have in the north of the country," he said.

US oil company Chevron operates the project with a 36.45 shareholding, while has a 22.85 stake. Total, and ENI hold 13.6% each.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.04
-0.7%
Rand - Pound
23.98
-0.4%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.7%
Platinum
894.10
-0.3%
Palladium
996.00
-0.6%
Gold
2,194.02
-0.0%
Silver
24.42
-0.9%
Brent Crude
86.09
-0.2%
Top 40
67,905
+0.3%
All Share
74,106
+0.3%
Resource 10
56,200
+1.0%
Industrial 25
103,604
+0.3%
Financial 15
16,488
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders