China Petrochemical, also known as Sinopec, will pay US$692.2 million for stakes in three deep-water oil blocks off Angola, the Wall Street Journal reported, citing an official at Angola's state oil company Sonangol EP. No contracts have been signed but the terms of the deal have been finalized, the official said. The contract is expected to be signed when Premier Wen Jiabao visits Angola during his weeklong African trip, which begins Saturday. In the first four months of this year, Angola exported 8.05 million metric tons, or 491,548 barrels a day, of crude oil to China, up 62.6% from a year earlier.
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