ChinaView.cn: BEIJING: China has inked an oil cooperation deal with Angola, beating the rival India almost at the last minute. Angola state-owned Sonangol reportedly blocked an Indian move to buy Anglo-Dutch energy giant Shell's 50 percent share in Block 18 for about 620 million dollars, reported China Radio International. (ShellNews.net)

Posted 20 Oct 04

BEIJING, (Xinhuanet) -- China has inked an oil cooperation deal with Angola, beating the rival India almost at the last minute.

Angola state-owned Sonangol reportedly blocked an Indian move to buy Anglo-Dutch energy giant Shell's 50 percent share in Block 18 for about 620 million dollars, reported China Radio International.

Angola state-owned Sonangol reportedly blocked an Indian move to buy Anglo-Dutch energy giant Shell's 50 percent share in Block 18 for about 620 million dollars, reported China Radio International.

India state-run Oil and Natural Gas Corporation had almost closed the deal with Shell.

The deal would have yielded about five million tonnes of crude oil daily for New Delhi from 2008-2009.

But the Chinese evidently cut a deal with the Angolan government at the last minute, resulting in Sonangol exercising its pre-emption rights.

China managed to swing the deal by offering aid to the tune of two billion for a variety of projects to Angola, compared to India's offer of 200 million dollars for developing railways.

(CRIENGLISH.com)

http://news.xinhuanet.com/english/2004-10/19/content_2110896.htm