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China : SONANGOL to launch trading office in China.

Chief Executive Francisco Lemos Jose Maria said that Angolan state oil firm Sonangol plans to open its fourth international trading office in China, the country's top crude export destination.

Almost half its crude was sold by Angola to China last year. Angola is Africa's second-largest oil producer after Nigeria.

Asia has developed Angola's main market, with India also overtaking the United States - once the top buyer - as the second-biggest importer of Angolan oil in 2012.

Jose Maria said, "We have three trading offices, selling crude oil, gas and liquefied petroleum gas in America (Houston), the United Kingdom (London) and Singapore, and we are about to establish in mainland China for the crude oil trade as well .

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

The CEO said that Angola 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".

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

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

Sonangol previous month said that 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 that Sonangol wanted to expand the $10 billion liquefied natural gas plant - Angola LNG - which started exports this year.

He said, 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 .

U.S. oil company Chevron functions the project with a 36.4 percent shareholding, whereas Sonangol has a 22.8 percent stake.

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Publication:Mena Report
Geographic Code:6ANGO
Date:Oct 25, 2013
Words:324
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