News from Cape Verde, Angola & Mozambique

Angola Business News

In Angola on May 19, 2011 at 8:45 pm

ECONOMY

Angola’s economy is this year expected to post growth of 6.3 percent, taking into consideration the recent performance of the oil market, according to the May report from Portuguese bank BPI on Angola (Macauhub).

The Angolan government is preparing the partial privatization of some of the country’s largest companies, despite keeping their identity secret for now, Angolan magazine Exame reported in its latest edition (Macauhub).

New legislation on private investment will help Angola attract overseas investors, with a return to growth this year ensuring the economy has left its payment problems behind, the head of the country’s investment agency said (News24).

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AVIATION

Angolan national airline Taag is due to start flying on 2 July to the city of Portugal in northern Portugal, offering two flights per week (Macauhub).

SPLIT SECOND POLL

CONSTRUCTION

Angola plans to more than double cement production by 2013 in order to be self-sufficient in the building material, Industrial Association of Angola Chairman Jose Severino said (Bloomberg).

Angolan group Prébuild has acquired 100 percent of Portuguese group Levira, one of the largest Portuguese office furniture manufacturers, Angolan weekly newspaper Expansão reported (Macauhub).

MINING

Angola wants to bring investors to prospect for new diamonds in the southern African nation, said Antonio Carlos Sumbula, chairman of the state-owned gem miner Endiama EP (Bloomberg).

OAO Alrosa, Russia’s diamond monopoly, may add operations in Angola, where it already owns a 32.8 percent interest in the Catoca mining venture (Bloomberg).

Lev Leviev sold his 18 percent stake in Alrosa Co. Ltd.’s Catoca diamond mine in Angola to China Sonangol International Ltd., Kommersant reported, citing a letter by Fyodor Andreyev, chief executive officer of the Russian diamond producer to Finance Minister Alexei Kudrin (Bloomberg).

OIL

PetroChina Co. is not considering buying Exxon Mobil Corp. (XOM)’s stake in an oil block in Angola, Jiang Jiemin, chairman of PetroChina, said at a briefing in Beijing (Bloomberg).

Angola will resume the construction of its Sonaref oil refinery in the port city of Lobito this year, Televisao Publico de Angola said, citing Manuel Vicente, the chairman of Sonangol Holdings, the state oil company (Bloomberg).

Angola plans to ban foreign oil companies from contracting services from companies abroad, Radio Nacional de Angola said, citing Manuel Vicente, chairman of the state-owned oil company Sonangol EP (Bloomberg).

Indian state oil company, Indian Oil Corp has purchased 1.6 million barrels of oil for delivery in June from Angola, making Angola the main African oil supplier to India (Macauhub).

TOURISM

Angolan plans to receive around 4.7 million tourists per year by 2020, said Carlos Borges, consultant for the Hotels and Tourism Ministry said in Luanda last week, noting that the target would represent growth of over 1,000 percent on current tourist numbers (Macauhub).

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