Africa Oil & Gas: Angola’s Sonangol partners US company to provide services to the oil industry

Tidewater-suspends-dividend-to-reduce-costs-664x424Tidewater Marine, a US company that owns and operates one of the largest fleets supporting the oil industry, has partnered with Sociedade Nacional de Combustíveis de Angola (Sonangol) to set up an Angolan company under an investment project recently approved by the Angolan government.

The investment project provides for the creation of Sonatide Marine Angola, a limited liability company under Angolan law, to provide maritime services, including cabotage and ship management, to support companies in the oil and gas industry with drilling operations, research and production in Angola.

Sonatide Marine Angola, which represents an investment of US$1.3 million, will be 49% owned by Tidewater Marine and the remaining 51% by Sonangol Holdings.

The project authorized by the Minister of Natural Resources and Oil, Diamantino Pedro Azevedo, requires the implementation of the investment within 240 days and the creation o 213 jobs, in the first year of operation of Sonatide, of which 40 for foreign citizens. source: Macauhub

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