China in R23.3bn projects loan

China wOULD lend Angola’s Sonangol $2 billion (R23.3bn) to expand oil and gas projects, the state energy company said, helping to cement Beijing’s influence in Africa’s second-largest oil producer. The Chinese funds will provide welcome relief for Angola, which has been hit by a nearly halving of oil prices since June, helping send its kwanza currency to an all-time low on almost a daily basis this month. Oil hit a five-year low of $58.50 a barrel this week, but bounced 2 percent yesterday as energy firms cut investments. – Reuters