Sonangol and China Development Bank signed important financing agreement

abarrelfull wrote on 17 Dec 2014 11:47
Tags: africa angola refinery sonangol

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Following the mission which is undertaking the countries of Asia, the Chairman of the Board of Directors of Sonangol EP, Francisco de Lemos Jose Maria, signed in the early afternoon on Friday (December 12) in Beijing, with the President Bank of China Development (CBD), Zheng Zhijie, an important two credit agreement (2) billion US dollars.

Chinese funding should support Sonangol's expansion projects in the oil and gas sector.
The China Development Bank is the largest financial institution in this country in terms of cooperation with other countries, particularly with regard to the granting of credits. Its President, who proved quite delighted with the partnership that the agreement consolidates, stressed the importance of Africa, and Angola in particular, the relationship between the two countries as well as the credits that the CBD has given the Angolan economy since 2008 . He emphasized also the fact that Angola is the second largest country of origin of petroleum products to China, and ensured that the Bank driving has closely followed the development of Sonangol.

Zheng Zhijie considers the contract signed as a new starting line in relations with the national oil company, and augured successes in the future course of bilateral cooperation relationship.

In turn, Francisco de Lemos Jose Maria referred to the importance of CDB financing for Sonangol, detailing that they have allowed the realization of wide scope of projects in exploration of crude oil, refining and logistics.

The CEO of Sonangol did not fail to stress that the use of such credits also served as a support to the oil, to the effectiveness of some government projects including the construction of social housing, which become quite visible the relationship of cooperation between the parties to the agreement sometimes signed.

Francis Mary also said that the current opening of the CBD eventually Guinda it to credible Partner, stable and you can count on in the future.
The agreement will have a prevalence of 10 years, but according to the PCA opens the same strong prospects for other long-term financing, in view of future bets Sonangol, which in 2015 will begin the construction of the Lobito Refinery, and this year gave the boot the more projects of natural gas monetization.

• Sonangol and China Development Bank signed important financing agreement

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