Angola: Sonangol and SBM Shipyard invest over US$200 million in shipyard

18 August 2008

Sumbe, Angola, 18 Aug – Angolan oil and fuel company Sonangol and SBM Shipyard have invested US$208.3 million in the shipyard that was opened Friday in Porto Aboim, in Angola’s Kwanza Sul province.

Named Paenal, the shipyard is an Angolan company focused on naval construction, maintenance and repair, as well as manufacture and assembly of equipment for various uses.

The Paenal shipyard covers and area of 175,000 metres and employs 225 workers, of which 165 are Angolan, and the total number of workers could increase to 940 by 2010 according to the company’s projections.

At the inauguration, the governor of Kwanza Sul province, Serafim do Prado, said that Paenal was joining Sonamet, Petromar and Lobinave, and that it was hoped it would produce some 8,000 tonnes of equipment per year by 2013.

The investment was approved by the Angolan Council of Ministers on 21 July, 2008 for the building of an industrial manufacturing unit for manufacturing and assembling equipment for the oil and gas industries, on land and at sea.

Sonangol Holding has a 10 percent stake in the new company, whilst SBM Shipyard holds the remaining 90 percent. (macauhub)