Angola blocks Marathon sale

Joao N'tyamba, Angola's flag bearer parades in front of his delegation during the 2008 Beijing Olympic Games opening ceremony on August 8, 2008 at the National Stadium in Beijing. Over 10,000 athletes from some 200 countries are going to compete in 38 differents disciplines during the event, between August 9 to 24. AFP PHOTO / WILLIAM WEST

WILLIAM WEST

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By News wires

 10 September 2009 12:28 GMT

Angola has blocked the sale of Marathon Oil's 20% stake in Block 32 to China National Offshore Oil Corporation (CNOOC) and Sinopec.

The Chinese duo announced on 17 July they had agreed to pay $1.3 billion for the stake in the offshore block in a 50-50 joint venture.

"We're going to decide to exercise the right of first refusal. It's formalised already," Manuel Vicente, the head of Angola's state-owned oil company Sonangol, told Reuters.

Sonangol, which holds 20% of Block 32, has the right of first refusal over the sale.

This right allows it, along with the other partners in the block, to step in and buy the stake for the price the Chinese companies have…

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