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Fri, 25 Mar 2016 11:51 - Updated Fri, 25 Mar 2016 11:51

UTIP signs investment contract valued at USD 40 million

The Technical Unit for Private Investment (UTIP) and Angoflex Industrial Ltd, signed last Thursday, in Luanda, an investment contract valued at USD 40 million for expansion and scale of umbilical material manufacturing capacity located in Lobito central Benguela Province.

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General director of the Angoflex project,Isabel Paulo do Nascimento

Photo: Henri Celso

The contract was signed by UTIP director, Ernesto Manuel Norberto Garcia, and the Private Project's general director dubbed Angoflex Industrial, Isabel Paulo Nascimento.

Speaking to the press, the general director of Angoflex Industrial said that the umbilical materials are devices that are used for oil production in deep water and sub-deep, which run the optical fibre, energy and water injection for drilling.

Angoflex is a company that provides services to the oil industry and has a factory in Lobito coastal Benguela Province and Dande in the northern Bengo Province.

In his turn, the head of the Legal department of UTIP, Claudia Gonçalves Pedro, said that the contract signed Thursday will contribute to economic and social development of Angola, especifically in the province of Benguela, Lobito municipality offering professional training programme and employing the national manpower, thus contributing to create work and jobs for the skilled Angolan workers.

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