Angola

A promising market

Article published on the 2008-05-23 Latest update 2008-05-23 13:15 TU

Due to its new place in the world oil market, Angola is enjoying renewed international interest. Still suffering from the effects of a 27-year civil war, one of Africa's poorest nations is now a coveted market for European suppliers.

Angola this year became the number one producer of oil in sub-Saharan Africa. Producing 1.9 million barrels of oil a day, it has surpassed Nigeria to become the new African Eldorado in the eyes of many European businessmen.

The first French company to take advantage of this market is French oil giant Total, which, following hot on the heels of US company Chevron/Texaco, exploits one-third of Angola's oil. But many French construction and food companies are looking to place themselves on Angola's highly promising reconstruction market.

Nicolas Sarkozy therefore arrives today with a group of businessmen: Pierre Castel, "the king of beer", is going to invest 300 million euros in new local breweries, and electronics company. Thalès will secure deals for Angolan army and administration telecommunications.  

For its part, Angola is happy to diversify its suppliers, so as not to leave the Chinese with a monopoly on reconstruction.