Sunday, December 27, 2009

Green Procurement- Hydrocarbon Exploration

Angola is Africa's third largest oil producer, and its production capacity is expected exceed 2 million barrels per day in 2008. Major offshore oil finds have also made Angola a key focus of hydrocarbon exploration in sub-Saharan Africa. See the U.S. Energy Information Service country profile..

In recent years, China has agreed to provide multi-billion dollar oil-backed loans to fund infrastructure development. These loans are costly and repayment depends heavily on international oil prices. But at the same time, Chinese support has placed Angola in a position where it could break ties with the International Monetary Fund (IMF) over economic support programs that require, among other things, governance and transparency. Nonetheless, the country is experiencing high levels of foreign direct investment (FDI), particularly in the oil sector.

See details..

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