UK to Increase Oil Investments in angola

UK to Increase Oil Investments in Angola

10-19-2007

The United Kingdom plans to expand its investments in Angola’s oil sector, especially in production and supply of equipment, the British ambassador to Angola said in Luanda .

The information was given to Angolan news agency Angop by Ambassador Ralph Publicover, on the sidelines of an informal meeting with British businesspeople who traveled to Angola to analyze the market and establish commercial partnerships.

“We already have some companies in the Angolan market, such as BP-Angola, a company which has invested over US$3 billion. In the short term we want to see other companies move into the market and therefore we are supporting contacts by business missions from our country interested in investing in the Angolan market,” the diplomat said. The visit by the British businesspeople also aimed to identify potential joint venture and help UK Trade & Investment (UKTI), a British government institution that promotes international trade and the UKWAAG (United Kingdom West African Action Group) to find new trade opportunities.

The UK’s interest is due to Angola being the second largest producer of oil in sub-Saharan Africa, and because it recently became a member of the Organization of Oil Producing Countries (OPEC).

The development of the UK’s offshore resources in the North Sea, is one of the most applauded successes of the last 30 years, and the country has played a significant role in the development of the world petrochemical and refinery industries.

UKTI and UKWAAG are working together to set up viable solutions to meet the challenges the Angolan energy sector is facing, considering the sector’s specialized areas.