Sonamet, a Sonangol affiliate company which builds metal structures for oil prospecting, plans to invest 56.1 million dollars to build a new quay at its complex in Lobito in Benguela province, reports the Angolan newspaper Expansão.
The newspaper cites the presidential measure approving the investment contract, asserting that the company aims to use that investment to begin building metal structures for oil-related activities in deepwater.
Sonamet lost nearly 80 percent of its quay (about 200 metres long) due to the port’s construction of a container terminal. The new quay adjacent to the existing one will be able to handle large ships, enabling the company to make structures which would otherwise have to be imported.
Most of the nearly US$30 million investment will be obtained by contracting loans from national banks, while the rest will come from the application of its own funds.
Investment in the new 320-metre long quay able to transfer structures weighing more than 5,000 tons will create gross added value of US$117.4 million. Half of the project should be completed this year.
Sonamet – Sociedade Nacional Metalúrgica is held by Angola’s national oil company (Sonangol – Sociedade Nacional de Combustíveis de Angola), with a 40 percent stake, and by the Luxembourg-registered London-based company Subsea 7, with 55 percent. The remaining 5 percent is spread among various shareholders. (macauhub)