Angola’s state-owned oil enterprise Sonangol has announced its intention to open a global trading office in China
Sonangol CEO Francisco Lemos Jose Maria said that the office, when opened, would become its fourth global trading office.
“Three other offices are selling crude oil, gas and liquefied petroleum gas in US, UK and Singapore, and we are about to establish [an office] in mainland China for the crude oil trade as well,” Jose Maria remarked.
China reportedly bought about half of Angola’s crude last year and, according to Reuters, Asia has become Angola’s most important market with India close to replacing the US as the second largest importer of its oil.
“Angola is seeking to raise oil production to two million bpd from around 1.75mn bpd currently, and once that target is reached the goal will be to sustain the level for at least 10 years,” Maria added.
