GE Oil & Gas and the Angolan group GLS Holding S.A. formed a new joint venture, GE-GLS Oil & Gas Angola Limited, to better support Angola’s rapidly growing oil and gas sector.
As part of the agreement, which received the approval of Angola’s National Agency for Private Investment (ANIP), the companies are planning a proposed initial investment of US$175 million to build a new manufacturing facility in Soyo, in the province of Zaire, that will supply subsea equipment to the oil and gas industry in Angola.
Dr. Eugenio Neto, president and CEO of GLS Holding, S.A. and vice president of the new JV, said: "GE-GLS Oil & Gas Angola Limited intends to support the development of Angola, bringing new manufacturing and industrial technologies to the country and creating hundreds of jobs directly and indirectly. The investment represents an important contribution to the country’s "Made in Angola" initiative and, consequently, for the continued growth of Angola’s oil and gas industry. It will be a great asset to Angola’s petroleum sector and the country and its first priority will be to meet domestic demand in Angola.”