Boston, MA -- (ReleaseWire) -- 01/19/2013 -- BMI View: It is not difficult for Angola's construction industry to post growth due to its extremely low baseline. We forecast average annual real growth of 13.75% between 2013 and 2017 -the highest in the region. Aside from continued interest in the country's energy sector, there are a number of projects under way in the transport and the housing sectors that provide optimism for sustained growth in the country's construction industry. We expect robust real growth of 14.2% for the construction industry over 2013, with total industry value reaching just under US$10.5bn in 2012.
The key factors driving our forecasts are:
- Maersk Oil announced a new discovery in the highly prospective deepwater fields of Angola; the latest find came at Block 16 in the Lower Congo Basin. Maersk, along with partners Odebrecht and national oil company Sonanagol, reported successful results at the Caprolo-1 exploration well, where production tests resulted in a flow rate of 3,000 barrels per day (b/d). Caprolo-1 was drilled to a water depth of 1,235m as part of a four-well exploration and appraisal drilling campaign for 2012-2013. Discoveries such as Cobalt International's estimated 1.5bn barrel Kwanza Basin oil strike in the February 2012 have only served to reinforce the country's potential and heighten upstream interest.
- The Angolan government has invested US$1.2bn in the expansion of the commercial port of Lobito, reports Dredging News Online. The expansion includes the construction of a new import and export terminal for mining products, which is close to completion. It will also see the extension of the port's quay in order to allow 12 vessels to dock simultaneously. The expansion will increase the port's annual handling capacity to 11mn tonnes.
- Zambian construction company Basali Ba Liseli Resources announced that it would construct an oil pipeline between Angola and Zambia. The refinery is initially earmarked to refine 200,000 barrels of crude oil a day.
- The government of Angola has invested a minimum of AOA4bn (US$41.83mn) in the construction of the Santa Clara dry port in Southern Cunene province. This includes customs, migration, fiscal police, commerce, health and banking services. The dry port, covering an area of 60 hectares (h), will handle tourist support activity, economic operations, and import and export taxes services. Of the total, 40h are reserved for the landing of goods.
- The government of Jose Eduardo dos Santos, was re-elected in August despite criticism surrounding the voting process. The post-election cabinet reshuffle carried out by President Jose Eduardo dos Santos contains few major surprises, with the underlying theme one of continuity and political stability. Despite simmering popular discontent and tensions within the ruling party; we believe that a relatively comfortable victory in August's general election has provided the President with some political breathing space.
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