Angola’s OPEC exit opens way for more Chinese investment
Live MintAngola's decision to leave the Organization of the Petroleum Exporting Countries could open the way for Beijing to increase investment in the country's oil and other sectors, as part of a deepening of decades-old ties. Antonio said Angola acknowledged the importance of technology, a skilled workforce and strategic partnerships that could help the country move on from oil, and called for more Chinese investment particularly in the country's coffee, batteries, and solar energy sectors. After Angola's civil war ended in 2002, the country took on Chinese loans to fund its reconstruction following 25 years of violence and sold hydrocarbons to the world's largest energy consumer. This year, Chinese investment into Angola consisted of $250 million from PowerChina, a state-owned civil engineering firm, into developing Angola's telecommunications infrastructure, according to data from the American Enterprise Institute think tank.
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