Angola in US$50b investment

LUANDA – Angola is expected to see US$50 billion (N$370 billion) in investments in its oil industry in the next six years, the head of the state oil company Sonangol was quoted yesterday as saying.

Sonangol Chairman Manuel Vicente made the prediction despite the collapse of two major international energy deals and the possibility of renewed political tension after the main opposition leader said policemen may have tried to assassinate him. Sonangol has ended talks on Chinese company Sinopec’s plans to invest in a US$3 billion oil refinery, industry and banking sources said on Wednesday.Chinese companies have played a major role in the oil-driven reconstruction boom that Angola has enjoyed since it emerged from a ruinous 27-year civil war.It has become China’s biggest supplier of crude.In another blow to investment, US oil major Exxon Mobil Corp.has transferred its minority stake in a planned multibillion dollar liquefied natural gas (LNG) plant to Sonangol, a company spokesman said on Wednesday.State news agency Angop quoted Vicente as saying that Angola expected substantial oil investment in areas including environmental protection, infrastructure construction and maintenance services.He stressed that Angolan companies would be encouraged to take advantage of growth in the industry, which is fuelling an economic boom in sub-Saharan Africa’s second largest oil producer after Nigeria.”Opportunities for national suppliers and providers of services exist and the concessionary (Sonangol) will continue promoting the integration of these initiatives in the oil industry,” he was quoted as saying.Angola, which has joined the Organisation of the Petroleum Exporting Countries, is pumping more than one million barrels per day (bpd) and production is projected to reach at least two million bpd by 2008 as new fields come onstream.Companies may take a closer look at Angola’s politics to gauge overall stability ahead of the first legislative elections in more than a decade in 2008, and a presidential poll schedule for the following year.Isaias Samavuka, head of Angola’s largest opposition party UNITA, said on Wednesday that police may have tried to assassinate him and warned that government actions could reopen hostilities with his former rebel movement.Police officials acknowledged that a shooting took place on March 2 and said they were investigating the incident.Samavuka said what he called a government campaign to step up pressure on his party could undermine chances of holding fair elections and predicted leaders of his party could be arrested.Opposition leaders have accused President Jose Eduardo dos Santos of trying to hold on to power by delaying elections twice.Nampa-ReutersSonangol has ended talks on Chinese company Sinopec’s plans to invest in a US$3 billion oil refinery, industry and banking sources said on Wednesday.Chinese companies have played a major role in the oil-driven reconstruction boom that Angola has enjoyed since it emerged from a ruinous 27-year civil war.It has become China’s biggest supplier of crude.In another blow to investment, US oil major Exxon Mobil Corp.has transferred its minority stake in a planned multibillion dollar liquefied natural gas (LNG) plant to Sonangol, a company spokesman said on Wednesday.State news agency Angop quoted Vicente as saying that Angola expected substantial oil investment in areas including environmental protection, infrastructure construction and maintenance services.He stressed that Angolan companies would be encouraged to take advantage of growth in the industry, which is fuelling an economic boom in sub-Saharan Africa’s second largest oil producer after Nigeria.”Opportunities for national suppliers and providers of services exist and the concessionary (Sonangol) will continue promoting the integration of these initiatives in the oil industry,” he was quoted as saying.Angola, which has joined the Organisation of the Petroleum Exporting Countries, is pumping more than one million barrels per day (bpd) and production is projected to reach at least two million bpd by 2008 as new fields come onstream.Companies may take a closer look at Angola’s politics to gauge overall stability ahead of the first legislative elections in more than a decade in 2008, and a presidential poll schedule for the following year.Isaias Samavuka, head of Angola’s largest opposition party UNITA, said on Wednesday that police may have tried to assassinate him and warned that government actions could reopen hostilities with his former rebel movement.Police officials acknowledged that a shooting took place on March 2 and said they were investigating the incident.Samavuka said what he called a government campaign to step up pressure on his party could undermine chances of holding fair elections and predicted leaders of his party could be arrested.Opposition leaders have accused President Jose Eduardo dos Santos of trying to hold on to power by delaying elections twice.Nampa-Reuters