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Sinopec Sonangol obtains financing for deep-water oil block project named PFI 2007 Deal of the Year

May 2006

Clients Sinopec Sonangol International Limited

Jones Day advised Sinopec Sonangol International Limited in its $1.4 billion financing for Block 18 in Angola. This transaction was named Project Finance International Oil & Gas Deal of the Year in their 2007 Yearbook.

Thirteen international and domestic PRC banks arranged Sinopec's finance for the development of a deep-water oil block in Angola as mandated lead arrangers. The transaction was the first overseas upstream project financing by any Chinese oil and gas company and PRC banks. It was also the first green field project financing in Angola and the largest green field upstream financing in Africa to date. The financing was achieved within a condensed turnaround time of four months.

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