Angola's Oil Sector Boosted by US Investment

By Eddyson Lugangwa Posted 07 October 2006 @ 10:52 am EET     Print     Reprint     E-Mail     Comments

Two US companies linked to the oil and services sectors will invest, as from the end of this year, in the Angolan oil sector, in the ambit of the increase of North-American investment in Angola and diversification of the mentioned firms' activities.

Speaking to ANGOP on Thursday, in Luanda, at the end of the business symposium between the Angola and the US respective chambers of commerce, the executive director of the USA/Angola Chamber of Commerce, Paul Hare, informed that the two companies are ENS Pump and Pegasus.

According to the official, this move from the mentioned firms is the materialisation of contracts signed with Angolan authorities and businesspeople, during a meeting held in 2005 between the two countries' chambers of commerce.

According to Paul Hare, the North-American businesspeople are also interested in investing in other sectors, such as in the production of soft-drinks and sale of aircrafts.

"Besides the oil sector, the North-American businesspeople have been investing in other domains, namely the investments that have been making by the companies Coca-Cola and recently with the sale of the Boeing planes to the Angolan airlines, TAAG", he reminded.

Still in the framework of the diversification of US investments in the non-oil sector, Paul Hare said that a firm from his country will soon invest in the Angolan sugar industry.

The business symposium, which lasted one day, was attended by representatives of national and U.S firms, as well as entities from both countries, with highlight to the Angolan deputy minister of Commerce, Cruz Neto, the U.S ambassador to Angola, Cyntia Efird, and the deputy governor of Zaire Province, Simao Helena.