Angola signs decade-long oil deal with China

Angola’s state energy company Sonangol has signed a 10-year agreement with China’s Sinochem Group, adding to the 1.7 million barrels of day in crude oil exports the country alraedy sells to China, Reuters reported. Sources said the deal was directly related to loans that the Chinese government had given to Angola as its commodity-reliant economy struggled with this year’s slump in crude oil prices. China agreed a year ago to lend Sonangol US$2 billion to expand oil and gas projects, and Angolan President Jose Eduardo dos Santos visited China in June seeking a two-year moratorium on debt repayments and financing for projects including a US$4.5 billion hydropower plan.