Angola to invest US$50 billion in oil industry by 2013

8 March 2007

Luanda, Angola, 8 March – The Angolan government is set to invest US$50 billion in the oil industry by 2013, the chairman of Angolan state oil company Sonangol said Wednesday in Luanda.

Manuel Vicente, who was speaking about the “Angolanization” of the oil industry said that the investment was aimed at reaching production of two million barrels per day, according to Angolan news agency Angop.

The chairman of Sonangol added that the investments would provide new business opportunities in manufacturing oil facilities, equipment and infrastructures, as well as operating and maintaining facilities.

He said potential areas for new businesses were environmental protection, non-destructive testing, civil engineering and painting oil facilities.

In terms of making the oil industry more Angolan, Vicente, said it was already a reality with Angolan companies in the sector having an estimated annual turnover of US$300 million.

“The opportunities for national suppliers and service providers exist and the concessionaire (Sonangol) will continue to promote the inclusion of these initiatives in the oil industry,” he said.

The Angolan government began dealing with the “Angolanization” of the oil industry with the 20/82 law via which it established that all companies exploring oil in Angola should contribute to the technical training of Angolans for the sector.

The conference on the “Angolanization of the Oil Industry” is part of the cycle of analyses of the Strategic Study Center of Angola (CEEA). (macauhub)