Angoflex Industrial will invest US$40 million in expanding production of umbilical cables at its plant in Lobito, in Angola’s central Benguela province, under a private investment contract signed in Luanda on Thursday.
The contract, which gives the company tax benefits, was signed with the Technical Unit for Private Investment (UTIP), according to Angolan news agency Angop.
Isabel Paulo Nascimento, Director General of AngloFlex Industrial said the umbilical cbales are used to extract oil in deep and shallow water to feed fibre optic and power cables through them, among other connections.
Angoflex is the only company in Africa that manufactures umbilical cables for the oil industry, and its customers are currently only companies operating in Angola. The company aims to increase industrial capacity in order to export to other markets.
In addition to the Lobito manufacturing plant the company also has a factory in the municipality of Dande, Bengo province. Angoflex is a partnership between state-owned oil group Sonangol (30 percent) and French group Technip (70 percent). (macauhub/AO)