In Angola 2007/2008 - (Page 6) (continued from page 5) Hotel Construction Targets The Ministry of Hotels and Tourism estimates that Luanda needs ten new hotels to fill the current deficit of 3,500 rooms. Development is already under way for six new hotels in Luanda, and the International Bank of Credit (BIC) has provided loans of more than USD 600 million for new construction projects. Also under development are two four-star hotels in Huambo in the central plateau region. Existing hotels such as the President Meridien, the Panorama, and the Grande Hotel of Huila are being rebuilt. The Ministry is also studying the possibility of building the country’s first resorts – potentially three in Luanda and Benguela. All provinces will have an average of three new two- and four-star hotels. Overall, the Ministry envisions forty new hotels throughout the country, many of which will carry three-star ratings to accommodate the budget of the average tourist. A key indicator of Angola’s growth potential in tourism and hospitality is the fact that large global hotel chains such as Melia, Sheraton, Accor, Marriott, and Sun International have submitted proposals for the management of hotel and tourism facilities throughout the country, and the VIP group is building a 370-room, five-star hotel. Tourism and Hospitality Investment Opportunities • Tour Guides and Sightseeing Companies • Hotel & Restaurant Management • Time-share Condominiums • Hotels & Resorts • Restaurants • Safaris • Hunting • Fishing • Water Sports • Campgrounds • Ecotourism • Cultural Tourism • Rental Cars • Rental Cell Phones • Taxis • Buses For more information on Angola’s tourism and hospitality sector, please contact ANIP at info@investinangola.org or visit www.investinangola.com. SUMMARY Oil Sector After two years of preparation, Sonangol and Total have announced the commencement of production in the Rosa field, located in the deep waters of Block 17. The Rosa reserves are estimated at approximately 370 million barrels. At maximum production levels, the reserve will maintain a Floating, Production, Storage and Offloading (FPSO) production level of 250,000 barrels per day (b/d) through 2010. Australia’s Roc Oil has announced investments of USD 54 million for onshore exploration in Cabinda. Exploration of the Massambala-1 began in June 2007; representing the first of at least five wells to be opened in the Cabinda Sul block. The consortium includes Roc Oil (60%), Sonangol (20%), and Force (20%). The US consortium, led by Devon Energy Corporation – and including Portugal’s Galp – is also interested in onshore exploration in Cabinda. Angola’s Ministry of Petroleum predicts that the country will pump 1.85 million b/d, upping the initial projection of 1.4 million. Liquid Natural Gas (LNG) The LNG production plant is expected to begin production by the end of 2010; its capacity may be increased later. With investments of USD 4 billion, the project is led by Chevron (36.4%), with Sonangol (22.8%) among its partners. The plant will have a capacity of 8 million metric tons per year. It is estimated that Angola has LNG reserves of 45.87 billion cubic meters, and that international demand is expected to rise substantially in the coming decades. The government will provide fiscal incentives through tax exemptions, setting of tax rates, and reduced taxes, including customs tariffs. In addition, fiscal transparency mechanisms will be set up as part of the Angola LNG Project. The National Assembly authorized the Executive branch to legislate on the matter and define a process for determining fiscal revenue from the sale of project products. Contracts for the concession and production of natural gas require approval in some regions. Diamond Sector A number of international consortia are still routing large sums of money into diamond mines. A new association, 6 http://investinangola.com/engDefault.asp
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