UAE to invest $600m in petroleum storage base in Angola

LUANDA - Angolan state oil company Sonangol Group and a delegation from the United Arab Emirates (UAE) agreed to resume the construction of an oil storage base, with a UAE investment of $600 million, the group's president said Thursday.

Sonangol President Gaspar Martins and Sheikh Ahmed Dalmook Al Maktoum, who headed the UAE delegation to Angola on Tuesday, signed a Memorandum of Understanding on this issue.

Martins said that this joint venture came as part of the Angolan authorities' efforts to seek new investments.

The project, located in the Barra do Dande Ocean Terminal in northwest Angola's Bengo province, was discontinued in 2016 and is expected to be put into operation in 2022.

The two-phase project aims to build a storage base with a capacity of 641,500 cubic meters, according to Mauro Graca, leader of the Barra do Dande Ocean Terminal project.

Al Maktoum said his country sees Angola as a "strategic country" and is looking at opportunities and investments in various areas.