Norway’s Norsk Hydro to invest US$5 billion in Angola

29 September 2006

Luanda, Angola, 29 Sept – Norwegian company Norsk Hydro plans to invest US$5 billion in Angola on building a hydroelectric power plant in Malange, and an aluminum factory in Benguela, the company said.

The investments were announced Wednesday in Luanda by Knud Schlosser, director of the Department for Business Development of Norsk Hydro for Southern Africa, according to Angolan news agency Angpop.

Schlosser specified that the hydroelectric plant would be built in the Nhangue region in the Angolan province of Malange, while the aluminum factory would be set up in the Baía Farta municipal area in Benguela Province.

The power plant will have a 1,600 megawatt capacity, of which 1,000 megawatts will be directed to the aluminium factory.

The director of Norsk said that this company and the Angolan government had already signed a memorandum of understanding relating to these investments and now negotiations were underway for the signing of the final agreement for them to go ahead.

Norsk Hydro is the world’s third largest aluminium producer and has been set up in Angola for 15 years with interests in the oil sector, where it ahs stakes in bloc 4, 17 and 34. (macauhub)