Escom group wants to increase investment in oil sector

24 September 2009

Luanda, Angola, 24 Sept – Escom, a subsidiary of Portugal’s Espirito Santo Group (GES), plans to increase its investments in Angola’s oil sector and is preparing to compete for ne oil concessions that Luanda is expected to launch in 2010.

Hélder Bataglia, chairman and shareholder of Escom, one of the biggest private investors outside the oil sector in Angola, said in Luanda that the group was keeping an eye out for new opportunities in the oil sector.

Whilst turning towards the oil sector, in which it has a joint stake with Angolan group Gema and which is one of the five priority areas identified in the group’s recent restructuring, Escom is also leaving behind the aviation and fishing sectors.

Escom was the owner of Air Gemini, one of the most important private airlines providing flights to Angola’s interior.

Bataglia explained that the group, which over the last seven years has invested over US$800 million in Angola, had been restructured to focus on mining, real estate, energy, oil and construction materials. (macauhub)