Angola's Sonangol plans $ 1 bn investment in Brazil

Angolan state-owned oil company Sonangol plans to invest $ 1 bn in Brazil in the next two years as part of its international expansion strategy, according to a company manager in Brazil. Concessions manager Antonio Camilo Costa said Sonangol was also eyeing other countries in South America, the United States, the Middle East and the European market.
"We don't just want Africa," said Antonio Camilo Costa.

Sonangol, which in December last year signed deals to explore oilfields in Iraq, should soon become the main shareholder of Starfish, a small Brazilian oil company, Costa said.
"We are taking care of the final details (of the deal)," he was quoted as saying. "Brazil is surely one of our main targets. The acquisition of Starfish is only one of many expansion possibilities of the company's activities in this country."

Sonangol has formed a partnership with Portugal's Grupo Espirito Santo, owner of Banco Espirito Santo, to carry out some of its expansion plans abroad.