• ANGOLA, for few more barils…

    20 Feb 2017
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    BP, Total, Chevron are all here. Three hours offshore of Luanda at a depth of 3000 metres and also 5000 metres underground. At current world prices Angolan crude oil has become profitable.

    After 30 years of civil war, Angola is a ruined country.Landmines litter the countryside, 47% of the population is aged 14 or under and women outnumber male survivors of the war by 10 to 1.

    To rebuild the country the simplicity of the loop is implacable: Beijing lends money to Angola which in turn hires chinese companies, while in passing skimming money off the top. In exchange Angola promises China 30 % of its crude oil.

    Since 2007, Angola has edged out Saudi Arabia as the leading provider of crude oil to China while 70 % of its population lives below the poverty line.