Petroleum Africa
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Wednesday, January 25, 2017
Angola’s sovereign wealth fund, fed by the country’s crude revenues, will invest $180 million in the country’s first deep sea water port in Cabinda. The fund, known as FSDEA, is making the investment from its $1.1 billion infrastructure fund.
The first phase of the port’s construction is expected to be finished by the end of 2017.
“We are giving some support to kickstart the project,” the fund’s chairman, Jose Filomeno dos Santos said. “It might be used as a transhipment hub because it’s a deep sea port and one of the few in the region.”
Construction at the port of Cabinda, located in a heavily guarded territory that accounts for half the oil output from Africa’s current top petroleum producer, started in 2016 with costs totaling around $700 million.
The facility is expected to include a duty free area and a ship repair yard.
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