Sources inform “Globes” that Israel buys $100 million worth of oil annually from Angola, 5% of all Israel’s oil purchases. Oil Refineries makes the purchases.
Angola's State Oil Company, Sonangol, supplies the oil. Britain’s Institute of Petroleum’s magazine “Petroleum Review” recently reported that Angola will supply Israel with crude oil under a reciprocal agreement for non-military goods, mostly agricultural products.
Israel Institute of Petroleum and Energy’s magazine stated in a comment on the British report that Israeli-Angolan trade had hitherto been affected by Angola’s low credit rating. Negotiations between the two countries lasted 18 months.
Oil Refineries purchases and refines $2 billion a year worth of crude oil. The Israeli-Angolan agreement stipulates that Angola will supply 10,000 barrels of crude oil a day.
As reported in the past, Oil Refineries purchases oil from hostile countries through third parties in opportunistic spot deals.
Most of the world’s oil purchases are now carried out on the open market, without long-term obligatory contracts. Israel’s agreement with the Angolan government, which involved the Ministry of Foreign Affairs for diplomatic reasons, is therefore an exception.
Published by Globes [online] - www.globes.co.il - on November 7, 2002