USA to invest more than USD 2 billion in Angola’s oil, gas sector

Luanda The USA Secretary of State, Mike Pompeo, announced last Monday, in Luanda, that different American companies are to invest more than USD 2 billion in the Angolan oil and gas sector.

Mike Pompeo gave this information while speaking at a meeting promoted by the United States-Angola Chamber of Commerce (USACC) where he announced that the USA wants to be good partners of the Angolan people.

The investment to be made by American companies, said the head of American diplomacy, will also benefit the Angolan people.

Pompeo said the financial transparency and anti-corruption reform agenda, implemented by the Angolan President, JoAPound o Lourenco, needs to continue and take root.

He went on to explain that if the fight against corruption is done together and well, more agreements will be reached and the institutions will do everything to promote employment and wealth.

He then assured that the USA will do their best for the Angolan people to achieve prosperity.

New Financial Cooperation

In his speech addressed to Angolan and American authorities, as well as businesspersons from both countries, Mike Pompeo spoke of an American initiative called New Financial Cooperation, valued at USD 60 billion.

Launched 45 days ago, it aims to attract private investment in countries, mainly for sectors such as agriculture and energy.

According to the US official, a large slice of the USD 60 billion of this initiative goes to the African continent.

Prosperous Africa Initiative

Regarding the Prosperous Africa initiative, he also informed that talks are taking place in the energy sector, which will restart in June.

He said it is an initiative aimed to energize Africa, so energy and mining companies have been preparing since 2019 for a loan from the African Development Bank (AfDB), valued at USD 570 million, to interconnect electrical systems, which were separate.

The head of the American diplomacy, which had a 24-hour visit to Angola, has already been to Senegal, left the Angolan capital in the middle of the afternoon of the same day, bound for Ethiopia.

Bilateral relations and business

Angola and the United States of America have excellent and mutually beneficial cooperation relations in various fields. Politics and diplomacy, defence and security, business, industry, oil and gas, health, education, technology and telecommunication are some of the main areas of the Angola-USA link.

Both countries signed in 2010, a treaty for the creation of a bilateral commission titled US-Strategic Partnership Dialogue.

Angola became the third African country in which the USA signed this Strategic Partnership. The others are South Africa and Nigeria.

On the bilateral cooperation framework, the United States of America admits that Angola occupies an important geographic location that gives access to Central and Southern Africa and also close to the Gulf of Guinea.

Angola exports to the USA crude-oil and its byproducts, way before the African Growth and Opportunity Act (AGOA), having sent between 1985 and 2003 goods in a total value of USD 42.9 billion.

After adhering to AGOA, in 2003, the Angolan exports to the USA almost tripled in quantity and amount, reaching USD 115.39 billion in the period of 2004-2014.

Angola exports to the United States of America are mainly oil and diamonds, while the North Americans sell food, equipment for the oil sector and various machinery to the southern African country.

Source: Angola Press News Agency