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African gem
01 September 2001
Despite the country's continuing conflict with rebels, Angola's Sonangol has been a consistent oil producer and exporter. And, says Jonathan Bell, the company's exemplary record in production and loan repayment is prompting some banks and trading partners to look to new and more appropriate financing arrangements for all parties concerned.
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A recently structured 18-month $40 million oil-backed facility for
Angola's state-owned oil corporation, Sonangol, is breaking new
ground in the way that oil financings are considered for that
country.
The transaction is jointly arranged and funded by The Sanwa Bank,
Standard Bank London (SBL) and Japanese trading house Nissho Iwai
Corporation. The joint teams include Chris Bradley and Debbie
Emmanuel of Standard Bank London, Paul Baker and Takayuki Sakai of
Sanwa Bank and. Shinji Harada and Taku Imai of Nissho Iwai.
The finance is for Sonangol's development of its own operations in
the Block 3 Canuku area offshore Angola. The transaction is one of
the first non-Trust (as in the Cabinda and Soyo/Palanca Trusts)
club deals for financings specifically supporting Sonangol's own
oil production...
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