Petrobras looking to invest $ 3 bn in Angolan developments by 2012
The Brazilian oil company Petrobras is planning to invest $ 3 bn in Angola by 2012, Brazil's ambassador to Angola,
Afonso Cardoso said in Luanda.
According to Ambassador Cardoso, after Brazil, Angola is the country in which Petrobras does the most prospecting,
which demonstrates the company's efforts to contribute to the country's development, although he recognised the need
to diversify Angola's economy, which is currently highly dependent on oil.
According to the ambassador, alongside growth in Brazilian investment in Angola it is necessary to create conditions
for the development of Angolan applications in Brazil and, for this, he added, the Brazilian government planned to
boost cooperation with Angola in the areas of staff training and qualification, a factor that the ambassador said was
vital to add value to the Brazilian economy.
According to Cardoso, economic and trade relations between Brazil and Angola have increased significantly since 2002,
when total exports between the two countries were $ 200 mm. In 2008 this figure totalled $ 4.3 bn.
