Angola’s Sonangol plans to invest US$1 billion in Brazil this year

20 January 2010

Rio de Janeiro, Brazil, 20 Jan – Angolan state oil company Sonangol plans to include Brazil in its expansion plan and to invest up to US$1 billion in the country, the Sonangol concessions manager said in Rio de Janeiro.

António Camilo Costa said “we don’t only want Africa and we plan to conquer space in other countries, in South America, in the United States, the Middle East, and even the European market.”

The Angolan state company is finalising it move to becoming the main shareholder of Starfish, a small Brazilian oil company, where it will invest, according to the Brazilian press, around US$200 million.

Declining to give figures, Costa said that “Brazil is one of our main targets and the acquisition of Starfish is just one of the many possibilities of expansion of the company’s activities in this country.”

Sonangol’s internationalisation strategy, which includes a partnership set up with Portuguese group Banco Espírito Santo, aims to secure oil and gas production outside Angola and may later be expanded to the distribution segments. (macauhub)