Portugal exports around 150 million euros of goods to Mozambique every year

26 July 2011

Maputo, Mozambique, 26 July – Portugal’s Minister for foreign Affairs, Paulo Portas, said in Maputo that Portugal’s exports to Mozambique total around 150 million euros per year and noted that Mozambique was an essential destination for Portuguese companies.

Portugal remains Mozambique’s main investor according to figures from the Mozambican government. There are 20,000 Portuguese residents currently registered in Mozambique.

During his visit to Maputo, Portas said that the process of selling off the 15 percent stake owned by the Portuguese state in the Cahora Bassa Hydroelectric Dam (HCB) “is progressing well.”

The minister said that a “relevant company” had shown interest in acquiring 7.5 percent of HCB but declined to name it.

The sale of Portugal’s stake in HCB has been blocked for the last few months due to differences of opinion in valuing the asset by both countries, with Portugal calling for the sale of the shares for at least the value it acquired them, and Mozambique preferring to buy them at as cheap a price as possible.

According to Portugal, at 2006 prices – the year in which HCB was handed back to Mozambique – the 15 percent stake was worth around 6 billion meticals.

The agreement to hand back HCB states that the 15 percent stake held by the Portuguese state would be split equally between Portuguese company REN and Mozambique’s Companhia Eléctrica do Zambeze (CEZ). (macauhub)