News from Cape Verde, Angola & Mozambique

Atlantico Weekly’s Angola Business News

In Angola on March 1, 2012 at 8:49 pm

POLITICS

The Angolan government plans to create 8.2 million jobs by 2025 in a document called “Angola 2025 – a country of the future”, Angop reported. Other targets are reducing poverty by 75 percent, increase per capita gross domestic product (GDP) nine or ten times and reduce average inflation to one digit. Other aims of “Angola 2025” are to ensure national cohesion, promote peace and tranquillity, equal and sustainable social development, ensure fair distribution of income, macro-economic stability and harmonious development of the country’s regions (Angola Business News).

UN CHIEF

UN Secretary General Ban Ki-moon urged the government of Angola to do more to reduce the large gap between the country’s wealthy and poor, a move he said would increase stability and unity in the sub-Saharan African nation. Angola is Africa’s second-largest oil producer after Nigeria, but an estimated two-thirds of its population of 18 million people live on less than $2 per day (News24). UN chief Ban Ki-moon said he was also concerned by the treatment of illegal migrants on the border of Angola and the Democratic Republic of Congo, where uniformed men have raped displaced women (News24). UN Secretary General Ban Ki-moon also asked Angola to provide helicopters for peacekeeping missions in countries including the Democratic Republic of Congo and South Sudan (News24).

ECONOMY

Nearly 40 percent of Angolan oil is exported to China, representing 16 percent of Chinese imports of hydrocarbon, ANGOP reported. From 2009 the African country became one of the most important sources of oil to China and it is the largest commercial partner in Africa. Angolan exports to China stood at over USD 20 billion (14.8 billion euros) in 2011 and are expected to increase in 2012 (Angola Business News).

Some 100 new business projects are expected to settle in the Catumbela Industrial Development Hub (PDIC) in Lobito, Angola’s Benguela province, hub chairman Samuel Orlando do Amaral said (China Daily).

Angola’s central bank left its the benchmark interest rate unchanged at 10.25 percent (Reuters).

BUSINESS

Angolan company Filmdrehtsich will pay 3.78 million euros to buy a 96.31 percent stake owned by the Portuguese state in cinema company Tobis Portuguesa, Portuguese newspaper Jornal de Negócios reported (A Semana).

AGRI ETC

Angolan minister of Economy Abraão Gourgel said that the country might start exporting bananas within the next two years, based on the growth recorded in its production, ANGOP reproted. According to Mr Gourgel, conditions have been created to ensure a continued increase of quality, through a planting system and better technical assistance (Angola Business News).

AVIATION

TAAG appears to be a reflection of Angolan expansion. As the national economy grows and reaches out to the world, TAAG has expanded its flight destinations while China, Brazil and Dubai have become natural additions in recent years. The airline has increased its list of European destinations after obtaining permission to fly to airspace in the continent in 2010. Read the interview with Rui Carreira of TAAG (China Daily).

BANKING

With over $200 billion in total assets and a portfolio that spans across the continent, Standard Bank is the biggest bank in Africa and the largest to enter the Angolan market. Read the interview with Pedro Coelho, CEO of Standard Bank Angola (China Daily).

OIL & GAS

Angolan state oil firm Sonangol posted a 32 percent rise in net profit in 2011, as strong revenues on the back of high oil prices more than offset weak output (Reuters).

The start of operations in the Liquefied Natural Gas (Angola LNG) Project set for the first quarter of this year has been postponed until May 2012, Angop reported. A Sonangol spokesman, Mateus de Brito, said the date has been postponed due to pending tests on the project. In 2011, the Oil minister, José Maria Botelho de Vasconcelos, announced that the project’s schedules and works on the natural gas processing plant were complete by 62 percent. The northern Zaire province-based Angola LNG Project is a partnership of BP Exploration (13,6 percent), Chevron (36,4), ExxonMobil (13,6), Sonangol (22,8) and Total (13,6) (Angola Business News).