Sinochem buying five shiploads of Angolan crude oil

Angolan state oil company Sonangol EP has sold eight of the 38 cargos of crude oil it means to export next month, five of them to Chinese state-owned Sinochem Corp., Argus Media reports.

The compiler of commodities data says Sonangol usually allocates between seven and 10 cargos of oil each month to Chinese companies, including to term buyer Unipec.

The report says between 80 percent and 90 percent of all Angolan exports of crude end up in China.

It quotes the Angolan Ministry of Finance as saying Angola is trying to renegotiate some deals it has with term buyers of its crude to shore up its economy.

Angola has asked for permission to suspend its debt service payments due between 1 May and 31 December under a G20 programme, Argus Media says.