Chile will import 9 million barrels of crude oil, worth an estimated $900 million, from Angola in 2015, a threefold increase from this year, following a deal struck with the Angolan government and state Sonangol, Chile's energy ministry said Tuesday.
The increase will make Angola the largest supplier of oil to Chile outside of South America, said energy minister Maximo Pacheco in a statement. Pacheco is accompanying President Michelle Bachelet on a week-long tour of southern Africa, which has also included stops in South Africa and Mozambique.
"The important news is that Angola produces very good quality oil which Chile needs to refine in its refineries," Pacheco said. "We have agreed to increase purchases of oil from Angola significantly next year."
So far this year, Chile will receive three shipments of oil from Angola, worth an estimated $300 million; the third is due to arrive in September.
Pacheco said the deal formed part of the government's energy agenda to diversify and reduce the cost of Chile's energy supplies and would strengthen Chile's state refiner ENAP by allowing it to access a broader basket of crudes in equal conditions with its global competitors.
