Brazil’s Petrobras wants to invest US$3 billion in Angola by 2012

14 October 2009

Luanda, Angola, 14 Oct – Brazilian oil company Petrobrás plans to invest US$3 billion in Angola by 2012, Brazil’s ambassador to Angola, Afonso Cardoso said in Luanda Tuesday.

According to Ambassador Cardoso, after Brazil, Angola is the country in which Petrobrás does the most prospecting, which demonstrates the company’s efforts to contribute to the country’s development, although he recognised the need to diversify Angola’s economy, which is currently highly dependent on oil.

According to the ambassador, alongside growth in Brazilian investment in Angola it is necessary to create conditions for the development of Angolan applications in Brazil and, for this, he added, the Brazilian government planned to boost cooperation with Angola in the areas of staff training and qualification, a factor that the ambassador said was vital to add value to the Brazilian economy.

According to Cardoso, economic and trade relations betweeen Barzil and Angola have increased significantly since 2002, when total exports between the two countries were US$200 million. In 2008 this figure totaled US$4.3 billion.

The ambassador was speaking at a seminar on Angola-Brazil business, investment and cooperation opportunities held as part of the business mission from northeast Brazil to Angola and South Africa, which is taking place between 10 and 22 October. (macauhub)