News from Cape Verde, Angola & Mozambique

Atlantico Weekly’s Angola Business News

In Angola on March 8, 2012 at 7:25 pm

PROJECT OF THE WEEK

Render of the Pestana Luanda Bay Hotel and Resort, the first project of the Pestana Group (link).

POLITICS

The president of the European Commission (EC), José Manuel Durão Barroso, is due to travel to Angola next April to study along with the government new cooperation measures in the areas of the economy, trade, industry, energy, transport, science and technology, according to a report in Angolan newspaper Jornal de Angola (Macauhub).

Angola’s attorney general has summoned witnesses to testify in a case that implicates some of the top figures in the country’s military and security establishment in acts of torture and murder in the diamond fields of north-eastern Angola (AllAfrica).

SPLIT SECOND POLL

ECONOMY

Angola’s exports reached USD 60.9 billion, while the imports stood at around USD 21.14 billion in 2011, the chairperson of the Board of Directors of the National Private Investment (ANIP), Maria Luisa Abrantes, said (Angop).

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ENERGY

Angola’s power production and distribution capacity is set to increase over the next four years thanks to an investment of US$16.5 billion, which will be in line with a rise in industrial and residential demand. The investment was the first big announcement by the new Water and Energy Minister, João Baptista Borges, who replaced Emanuela Vieira Lopes, and is expected to increase Angola’s power capacity by 12 percent, according to the latest report from the Economist Intelligence Unit (Macauhub).

OIL & GAS

Eni SpA is discussing the sale of a portion of its 33 percent stake in Portuguese oil producer Galp Energia SA to Angola’s Sonangol EP. Eni won’t sell Angola’s state oil company all its holding, valued at 3.7 billion euros ($4.8 billion) at today’s price, because the Portuguese government doesn’t want the African country to have too much control. The remaining holding may be sold to financial investors (Bloomberg).

Sonangol’s net profit in 2011 rose to US$3.313 billion according to preliminary estimates, the chairman of the board of the Angolan oil company, Francisco Lemos de Faria said (Macauhub).

TOURISM

The March issue of Up, TAP Portugal’s in-flight magazine is devoted to Angola with a collection of features spanning two dozen pages.

SOCIAL

Orlando Pirates were amongst the first people to arrive at the scene of a horrific car accident in Angola as the team were heading to the airport. The Buccaneers were on the team bus heading back from their failed CAF Champions League encounter against Recreativo do Lobolo when they came across a family of five who had rolled their car on the way to Luanda (News 24).

Angolan Mass Media minister Carolina Cerqueira appealed to the Angolan journalists for greater responsibility in their work. Journalists were told to convey the massages about construction of infrastructures, trust and hope of the Angolan people, dynamism and commitment of youth, determination and courage shown by women, especially taking abroad the images of a people determined to defend the achievements and faithful to the principles leading the country at the concert of nations (Allafrica).