Portugal’s Portucel paper firm eyes investment in Angola

17 July 2007

Lisbon, Portugal, 17 July – Portuguese paper group Portucel is studying a 500 million euros factory project in Angola, media have reported.

Diario Economico business daily cited a company source as saying Portucel “is analyzing the possibility of becoming a strategic partner of the Angolan government for the recuperation, development and exploitation of” Angola’s forestry resources.

Analysts at the BPI bank said the reports on Portucel’s potential entry into Angola’s forestry sector were “positive”, due to the African state’s resources.

“This business could even be a strong alternative to wood imports for Portucel,” the BPI analysts said.

“Portucel could benefit from is major knowledge of Portugal’s forestry and the presence of Semapa (Portucel’s biggest shareholder) in Angola, through the Secil cement group,” added BPI.

“We believe that it represents a major investment (over half a billion euros) which could be made in partnership with the Luanda government,” forecast the BPI analysts. (macauhub)