ECONOMY

Angolan President Jose Eduardo dos Santos said the economy was expected to grow at 4.5 percent this year and the kwanza currency was stable (Reuters).

The need for economic diversification is the “fundamental lesson” of the economic problems felt in 2009 in Angola, and it is worth noting that the oil sector currently accounts for less than half of the economy, Economy Minister Manuel Nunes Junior stated recently (Macauhub).

AGRI

South African agro-industry entrepreneurs aim to invest in the production of animal fodder to supply sheep producers in Huila province (Macauhub).

BANKING

Angola Millenium Bank will start to open its doors on Saturday mornings (from  8 am to 13 pm, except for holidays) in order to improve its services (ANGOP)

OIL

Angola crude exports will drop in December as a disruption at the Plutonio terminal reduce shipments from the nation on Africa’s southwest coast, loading schedules show (Bloomberg).

Italian oil and gas major Eni and Angolan state-owned oil company Sonangol have made an important oil discovery at a well offshore Angola (Reuters).

Total has made a fresh oil discovery in an area off the coast of Angola, the French oil major said (Reuters).

BUILDING OF THE WEEK

A vision of the future Sambizanga New Town for Luanda, not yet under construction.

SHIPBUILDING

South Korea’s Daewoo Shipbuilding and Marine Engineering said it has agreed to buy a stake in Angola-based shipbuilder PAENAL. The current joint venture partners (Sonangol and SBM Offshore of Rotterdam)  have signed an agreement in which DSME will acquire a 30% share in the Paenal Joint Venture. Effective shareholdings after the transaction will be Sonangol 40%, SBM Offshore 30% and DSME 30% (SBM, pdf).

CONSTRUCTION

Angolan state owned oil company Sonangol, Banco Privado Atlântico (BPA) and the Portuguese building contractor company Mota-Engil signed  a memorandum of understanding establishing Mota-Engil Angola. The new building company will be owned 51 per cent by Mota-Engil and 49 per cent by a consortium formed mostly by Sonangol (20 per cent) and BPA with 11 per cent (ANGOP).