Head of Terms Agreement will Establish a New Joint Venture to Manage Multipurpose Terminal at the Port of Luanda with UNICARGAS and Potential Collaboration on Port Development with the Ministry of Transport of the Republic of Angola
Abu Dhabi, UAE – 19 January 2023: AD Ports Group (ADX: ADPORTS) has continued its sustained strategy of global expansion, signing key strategic agreements with Angolan organisations to enhance maritime connectivity along Africa’s west coast.
In the presence of Sheikh Shakhbout bin Nahyan Al Nahyan, Minister of State during Abu Dhabi Sustainability Week 2023, AD Ports Group entered into a framework agreement with the Ministry of Transport of the Republic of Angola to begin collaboration on the development of maritime services and infrastructure across the country.
The Group has also entered into a Head of Terms agreement to form a joint venture with state-owned logistics and transportation company UNICARGAS, which manages the multipurpose terminal at the Port of Luanda, Angola’s busiest port that handles more than 70 percent of the country’s international imports and 80 percent of its non-petroleum exports.
The new joint venture, with majority ownership by AD Ports Group, will work to modernise, manage, operate the multipurpose terminal and the logistic business of UNICARGAS.
Areas highlighted under the strategic framework agreement with the Ministry for potential future joint investment and development include ferry and cabotage services, maritime passenger terminals, and logistics platforms, as well as a Maritime Academy in Angola. The framework agreement also covers plans to consider development of the Caio Deepwater Terminal at Cabinda Port, located in Angola’s oil-rich northwest region.
AD Ports Group’s new agreements in Angola have the potential to significantly boost the country’s maritime industry. With Angola’s oil and gas sector contributing approximately 50 percent of the republic’s GDP, and 90 percent of exports, the energy sector in particular is likely to benefit considerably from improved connectivity.
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