Space Travel News  
Angola's oil fields fuel economic growth

by Staff Writers
Luanda (AFP) Sept 4, 2008
Long ignored by foreign investors except China, oil-rich Angola is riding on growing foreign interest, prompting the government to play the competition card and distance itself from Beijing.

"Obviously, the Angolans don't want to offend the Chinese who remain an important business partner, but relations between the two countries have cooled," said Lucy Corkin, projects director at the Centre for Chinese Studies at Stellenbosch University in South Africa.

Today, Angola officials "don't want China to be an overwhelming presence in the economy," she said.

And since Luanda's promises to hold its first peacetime elections after a three-decade-long civil war -- with voting taking place Friday -- money from foreign donors such as the World Bank and Spain has poured in.

To be sure Chinese workers in overalls, wearing safety helmets or operating mechanical diggers, remain common sights on Luanda's streets.

They are real-life examples of the role Beijing has played in rebuilding a country devastated by 27 years of civil war.

At the end of the conflict in 2002, "Angola was looking for sources of financing all over the world, but could not get it because they had a bad record with the international financial community," said Ana Christina Alves, a researcher at the Portugese university, Institueo do Oriente.

"At that time, China was giving money to all African countries. They came at the right time. They were welcomed," Alves said.

Since 2004, the Chinese government has opened 4.5 billion dollars (3.1 billion euros) in credit lines to finance about one hundred reconstruction projects.

The China International Fund (CIF), an investment group which helps Chinese companies expand overseas, has released 2.9 billion dollars in loans.

Yet there is a certain opacity in the operations of the Chinese, who live in isolation on building sites concealed by high fences.

In return, Chinese imports of Angolan crude oil have increased sevenfold over the past six years.

"China needs natural resources and Angola needs development," President Jose Eduardo dos Santos said in 2006, summing up the relationship.

Now, however, Angolan officials "realise that Chinese companies are not the only companies that are interested in Angola," said Corkin, and are beginning to set conditions.

The changing attitude was underscored in March when two petrol companies, China's Sinopec and Angola's Sonangol, abandoned a joint project to build an oil refinery in the western port of Lobito.

Beijing wanted to import 80 percent of the refinery's production, while Luanda -- which has a single oil refinery -- wanted to favour its domestic market and other clients.

With a crude oil production of roughly two million barrels a day, Angola closely rivals Nigeria for the title of Africa's largest oil producer. Its growth will likely surpass 20 percent this year.

Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Taiwan calls for more oil exploration cooperation with China
Taipei (AFP) Sept 3, 2008
Taiwan called Wednesday for expansion in cooperation on oil exploration and development with China amid warming ties between the two rivals.







  • Russia Set To Test Second-Stage Booster For Angara Rocket
  • Pratt and Whitney Rocketdyne's RS-18 Engine Tested With Liquid Methane
  • Test rocket destroyed by NASA after launch
  • NASA to use shock-absorbers to fix shaking in new Ares rocket

  • Aurora Signs Contract To Build Minotaur IV Composite Structures
  • GeoEye-1 Satellite Launch Delayed Due To Hurricane Hanna
  • Arianespace To Launch Koreasat 6
  • Inmarsat Selects ILS Proton To Launch S-Band Satellite For Europe

  • Shuttle Atlantis At The Pad For Final Hubble Mission
  • Will NASA Retire The Space Shuttle In 2010
  • NASA Postpones Atlantis Mission To Hubble Again
  • NASA delays Atlantis move to launch pad

  • NASA TV to show ISS cargo ship arrival
  • Jules Verne Prepares For ISS Departure
  • ISS Orbit Adjusted To Dodge Space Junk
  • Computer virus goes into orbit

  • Astronaut named head of Canadian Space Agency
  • Get Ready For The Ultimate Sports Experience
  • Mapping The Planets, The Moons And The Asteroids
  • Ares Progress Report For August

  • Early Blast-Off Tipped For Spacewalk Mission
  • China to launch third manned space flight in September: report
  • China to launch Venezuela's first satellite: Chavez
  • China's Space Ambitions

  • Robots Learn To Follow
  • Robot-assisted surgery repairs fistulas
  • Japanese Researchers Eye e-Skin For Robots
  • Robots may enhance disabled people's lives

  • Spiky Probe On Phoenix Raises Vapor Quandary
  • Opportunity To Exit Victoria Crater
  • Spirit Still Biding Time
  • Giant Telescope Mirror Blank Is Perfect

  • The content herein, unless otherwise known to be public domain, are Copyright Space.TV Corporation. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space.TV Corp on any Web page published or hosted by Space.TV Corp. Privacy Statement