US group General Electric (GE) has set up a partnership with Angolan company GLS Oil & Gas, of the GLS Holding group to expand the services it offers to the oil sector, in which it has operated for over 50 years, Angolan state newspaper Jornal de Angola reported.
The partnership, called GE-GLS Oil & Gas Limitada, was made official on 31 December 2012 following a long negotiation process. The US multinational is represented in this partnership by its subsidiary Nuovo Pignone Angola, which is based in Italy.
The two sides agreed to set up a partnership with share capital of 5 billion kwanzas (US$52 million), and this will initially involve construction in the Soyo region of Zaire province of a factory to produce underwater equipment and providing services for oil and gas exploration in Angola.
Jornal de Angola also said that in mid December the new company’s investment project was signed by representatives of the two companies and the National Private Investment Agency (ANIP), worth 17.5 billion kwanzas (US$182 million), a figure which both companies believe will increase.
GLS is an investment and services group owned by private Angolan investors, whose business, as well as oil and gas, includes real estate, construction, insurance, heavy equipment, industry, agriculture, logistics, transport, health, mining, hotels and tourism culture, sport and entertainment.
General Electric, which has been in Angola since the 1950s, has signed a technical services contract with Angola LNG, the operator of one of the world’s most modern liquid natural gas processing facility, as well as being one of the main suppliers of gas turbines and compressors for oil exploration in the country. (macauhub)