(Ecofin Agency) - Angoflex Industrial on Tuesday revealed plans to invest $40 million to increase the production of umbilical cables at its plant in Lobito, in the Benguela province in Angola.

The company had signed a private investment contract in Luanda last week Thursday with the Technical Unit for Private Investment (UTIP). The contract, grants Angoflex tax benefits.

According to the Director General of AngloFlex Industrial, Isabel Paulo Nascimento, the umbilical cables are useful in extracting oil in deep and shallow water and supply air to fibre optic and power cables, amongst other connections.
Angoflex is the only manufacturer of umbilical cables for the oil industry in Africa and its clients are companies active in Angola. Due to this, the company plans to expand its industrial capacity so as to start exporting to other markets.
Apart from the Lobito manufacturing plant, the company has a factory in Dande, Bengo province.

Angoflex is a joint venture between Sonangol with 30% and Technip with 70%.

Anita Fatunji