Russia’s Alrosa wants to drill for oil in Angola

19 March 2007

Luanda, Angola, 19 March – Russia’s Alrosa plans to begin oil exploration in Angola, with an agreement due to be signed next April, the chairman of the Russian diamond monopoly, Sergei Vybornov said in Luanda Friday.

Saying that it was a very promising project in terms of quality of the deposits, Vybornov said that Alrosa would make an initial investment of US$50 million.

“If more money is needed we will invest m ore because at this stage it is difficult to know exactly how much capital is needed,” he said.

The chairman of Alrosa, which produces 27 percent of the world’s diamonds, said that the deal involved the land exploration in areas of Quanza Norte and Quanza Sul and in offshore blocs 12 and 13.

According to recent news, the Russian prime minister, Mikhail Fradkov, is planning an official visit to Angola, Namibia and South Africa. (macauhub)