Chinese investment in Angola passes USD 24 billion barrier
During the ceremony, the ambassador pointed out that China-Angola relations have been developing healthily over the long term, and as an example, the holding last July in
Angola has become China's second-largest African trading partner, while China is Angola's largest trade partner. An increasing number of Chinese enterprises are investing and operating in Angola, actively participating in the country's economic diversification process.
Distribution infrastructure within Angola continues to be challenged by poor road quality, time consuming customs entry processes that the World Bank ranks among the slowest worldwide, and limited though expanding warehousing and cold chain capacities.
As part of its financial lending to Angola, China has provided oil-backed loans to the country, which are guaranteed to be repaid by the proceeds of Angola's oil sales from its state-owned oil company, Sonangol.
The three major Chinese oil companies—China National Petroleum Corporation (CNPC), China Petroeum and Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC)—do not operate independently, and their involvement in Angola has been based solely on their relationship with the Sonangol.8
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