The Angolan government has awarded construction of Novo Porto do Caio, in Cabinda province to Caioporto, SA once again, while shutting down the commission it had created to negotiate the end of the concession contract for the execution of the construction project, awarded to the same company in 2012, the Angolan press reported.

Caioporto SA, founded in 2012 by Swiss-Angolan businessman Jean-Claude Bastos de Morais, who in April last year was removed from the Angolan sovereign wealth fund on suspicions of mismanagement, recovered the contract for the construction of the port of Cabinda, a project costing US$800 million.

A presidential order cited by Angolan newspaper Novo Jornal “determines the continuity of the execution of the construction project of the Novo Porto do Caio, keeping Caioporto, SA as its implementation manager, safeguarding the rights and duties of the contractor and the tax company, under the terms of the contracts signed, until final fulfillment.”

In the same order, dated 2 October, Lourenço authorized the Minister of Transport to grant the concession of one of the port terminals of the port of Caio to Caioporto, SA “to ensure the recovery of its investment in the implementation of the project.”

In July 2018, it was announced that the Angolan government would negotiate the termination of the concession contract for the execution of the port of Caio construction project in Cabinda, awarded to Caioporto, and a commission for this purpose was created by Presidential Order no. 66/18 of 30 May.

The construction of the port, valued at US$831.9 million, was part of the China Credit Line, with the Angolan state supporting 85% of the contract value and the concession-holder the remaining 15% or US$124.8 million, according to a 2016 order by then-President José Eduardo dos Santos.

The port will be built in three phases and the China Road and Bridge Corporation (CRBC) has been hired to carry out the contract. (Macauhub)