[2019-07-01] Angola seeks investors to complete the Barra do Dande Ocean Terminal

Source: Macauhub

Angola’s national oil company, Sonangol is looking for Brazilian or foreign investors with the financial capacity to complete the works at the Barra do Dande Ocean Terminal in Bengo province, the company said in a statement.

The statement added that interested entities, “with financial capacity that allows investment in a capital-intensive project and with proven experience in the execution of projects of the same nature,” should send a formal letter to the board of the state company.

The Barra do Dande Ocean Terminal, a project that came to a standstill two years ago, aims to provide Angola with greater capacity to store fuel on land and ensure conditions to better serve the domestic market and for export, if there is a surplus.

With an initial cost of US$1 billion, the project had a physical and financial execution of around 25.0% until 20 August, 2016, at which time it was suspended by Sonangol’s board, according to Angolan news agency Angop.

The project began to be built in 2013 to initially store 641,500 cubic metres of refined fuel and reach a maximum capacity of 1.2 million cubic metres after completion of the works, becoming the first and largest storage facility in the country.