UK wants to expand oil investments in Angola

Oct 17, 2007 02:00 AM

The United Kingdom, traditionally known for providing oil and gas services, wants to expand its investments in the Angolan oil sector, thus reaching an outstanding position, especially in areas of production of hydrocarbons and supply of operation equipment.
The information was released in Luanda by UK ambassador to Angola, Ralph Publicover, during an informal meeting held with British businesses visiting the country to prospect the market and set up partnerships.

He said on the occasion his country already has companies operating on the Angolan market, with emphasis on BP-Angola that has investments above $ 3 bn. According to him, the involvement of other companies of his country is being considered and contacts are being facilitated between UK business missions interested to invest in Angola and local concerned authorities.
According to the diplomat, Angola is already a great world reference in the sphere of oil. Ralph Publicover stated that economic relations between the UK and Angolaare on the rise, especially in the oil sector, with his country -- through its business class, mobilising investors to operate on the Angolan market -- to soon become Africa's biggest.

The visit of the UK businesses is intended to facilitate meetings between firms of Angola and the UK and survey prospective areas for partnership and joint ventures. It is also intended to assist the UK Trade & Investments (UKTI) -- a government institution versed in promoting international trade and UKWAAG (United Kingdom West African Action Group) to identify new trade opportunities.
The UK's interest rests on the fact that Angola is the second major oil producer in Africa south of the Sahara and on recently becoming a member of the Organisation of Oil Producing and Countries (OPEC).

Source / Angola Press Agency
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