Angola: State oil company joins Turkish iron, steel project

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Angola: State oil company joins Turkish iron, steel project

7:12 CAT | 14 Aug 2024

File photo: Lusa

Angolan state oil company Sonangol will be part of the new corporate structure of Tosyali Iron & Steel Angola for the exploration of the Kassinga steel project in the Angolan province of Huíla, it announced on Tuesday.

According to Angola’s Ministry of Mineral Resources, Oil and Gas, the Turkish group Tosyali and Sonangol reached an agreement for Sonangol to become part of the new corporate structure of Tosyali Iron & Steel Angola to “boost the strategic steel mining project for Angola and the region.”

The agreement was signed at the Tosyali steel complex in the Turkish province of Hatai following a visit by the Angolan authorities.

The chairman of Tosyali, Fuat Tosaly, and the chairman of the board of directors of Sonangol, Sebastião Gaspar Martins, who was part of the delegation led by the Angolan Minister of Mineral Resources, signed the agreement.

According to the Turkish businessman, quoted in the note, with Sonangol’s entry into the company’s new corporate structure, the Kassinga iron and steel project “will gain new momentum and is a real demonstration of the Angolan state’s commitment to its realisation”.

This iron and steel mining project in the southern Angolan province of Huíla is due to start production in mid-2027. The ministerial body said it would be a significant milestone in the Angolan government’s strategy to diversify the country’s economy.

The Kassinga mining project, under the tutelage of Tosyali Iron & Steel Angola, holds 70% of the company’s capital and was approved by Angola’s President João Lourenço in 2019.

Its starting point is the reactivation of Jamba Mineira in Huíla and the transformation of iron into steel at the steelworks to be installed at the Sacomar Mining Terminal in the city of Moçâmedes, Huíla province.

Source: Lusa