By James MacKenzieAngola is expected to see $50 billion in investments in its oil industry in the next six years, the head of state oil company Sonangol was quoted today as saying.
Sonangol chairman Manuel Vicente made the prediction despite the collapse of two major international energy deals and the possibility of renewed political tension after the main opposition leader said policemen may have tried to assassinate him.
Sonangol has ended talks on Chinese company Sinopec's plans to invest in a $3 billion oil refinery, industry and banking sources said on Wednesday.
Chinese companies have played a major role in the oil-driven reconstruction boom that Angola has enjoyed since it emerged from a ruinous 27-year civil war. It has become China's biggest supplier of crude.
In another blow to investment, ExxonMobil has transferred its minority stake in a planned multi-billion dollar liquefied natural gas plant to Sonangol.
State news agency Angop quoted Vicente as saying that Angola expected substantial oil investment in areas including environmental protection, infrastructure construction and maintenance services, Reuters reported. (Upstream)
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