Angola???s Petromar to invest in shipyard

The Angolan company Petromar in Luanda plans to invest $40 million in the upgrading of a shipyard at Ambriz, in Zaire province, in order to provide services to the oil industry, the company???s director general, Philippe Ferderic said.

Frederic told the press that conclusion of the project was expected in June 2008 and would provide 500 new direct jobs. He also said that reconstruction of the yard would focus on building technical support structures, accommodation areas and other services focused on oil exploration.

Petromar is a joint venture of Delong Hersent, a subsidiary of ENI???s Saipem, and Angola???s Sonangol. Petromar, which has been in operation since 1984, is the biggest oil sector construction company in Angola and builds and assembles oil platforms.