Cape Verde Prime Minister opens new Sonangol headquarters on the archipelago

2 June 2006

Praia, Cape Verde, 02 June – The prime minister of Cape Verde, José Maria Neves this week inaugurated the new headquarters of Angolan state oil company Sonangol on the archipelago, representing an investment of US$1.99 million, the government said.

According to a Cape Verde government statement, the opening of the new headquarters, located in the town of Espargos, on Sal Island, is a significant step for Sonangol to “develop and consolidate its investments,” in Cape Verde, where it has been involved in fuel distribution and, more recently, in developing a new bank.

Sonangol is a main shareholder of fuel distribution company Enacol, together with Portugal’s Petrogal (both with a 32.5 percent stake), a company that is also part-owned by the Cape Verde state.

Recently Sonangol also announced plans to expand its affiliate bank, Banco Africano de Investimento (BAI) on the archipelago, via a new Cape Verdean bank, Novo Banco de Cabo Verde, which will also involve local investors, including businessman Jorge Spencer Lima.

On Thursday, Sonangol signed sponsorship agreements with two local sports clubs, Académico do Sal and Pantera Negra do Sal. (macauhub)