Imara African Cement Report Africa, the last cement frontier Angola ...

Table of Contents
Angola Country Map .......................................................................................................................... 2
Appendix to Abbreviations ................................................................................................................ 3
Executive Summary ........................................................................................................................... 4
Table 1: Timeline for major policy changes............................................................................................... 6
Macro-economic Overview ................................................................................................................ 7
Monetary Policy ................................................................................................................................ 8
Angola’s Diplomatic relations: A balancing act ‘Par excellence’ ......................................................... 11
Geopolitical review .......................................................................................................................... 11
China: The dragon digs in its claws ......................................................................................................... 11
EU 27 and Portugal Trade links with Europe dominated by Portugal ..................................................... 12
United States of America: Energy sector remains priority for US government ...................................... 13
India: Spicing up the Indo-Angolan relationship ..................................................................................... 14
South Africa: SA’s rainbow find’s a new end in Angola........................................................................... 14
Brazil: Leading the way ............................................................................................................................ 15
Political landscape – A foregone conclusion ...................................................................................... 17
SONANGOL: Angola’s de facto Sovereign Wealth Fund ..................................................................... 18
Overview of financial Results for FY2010 ................................................................................................ 19
Oil Majors in Angola´s Petroleum Sector – The scramble intensifies .................................................. 20
Chevron Corporation ............................................................................................................................... 20
BP PLC ...................................................................................................................................................... 21
Total SA’s operations in Angola ............................................................................................................... 21
ENI SpA’s operations in Angola ............................................................................................................... 21
Angola LNG; The next big money spinner ............................................................................................... 22
Sonangol Refinery - Still on the cards ..................................................................................................... 22
Banking Sector – Mandatory domestic banking for Oil Majors on the cards ....................................... 23
Banking Sector Charts (Including relative charts) ................................................................................... 24
The Stock and Derivatives Exchange of Angola ................................................................................. 27
Back on the drawing board post the financial market crash .................................................................. 27
Arguments for and against the development of a domestic capital market .......................................... 28
BVDA potential – Top down approach .................................................................................................... 28
Bottom up Approach ............................................................................................................................... 28
Telecommunications Sector: Lucrative and still rapidly expanding .................................................... 30
Unitel ....................................................................................................................................................... 30
Movicel .................................................................................................................................................... 31
Angola Telecom ....................................................................................................................................... 31
Telephonic listings of Angola (ELTA Angola) ........................................................................................... 32
Multitel .................................................................................................................................................... 32
Breweries and Beverages Sector – A thirsty lot ................................................................................. 33
The booming beverages sector opens up to new players ...................................................................... 33
Companhia União de Cervejas de Angola (CUCA):Living up to the nickname ‘Ferrari’ .......................... 33
SABMiller: Enter the big guns .................................................................................................................. 33
Unicer: Import substitution to improve group margins .......................................................................... 34
Refriango: Leaving the competition Blue with envy ............................................................................... 35
Hotels, Tourism and Construction .................................................................................................... 36
Sigma Group ............................................................................................................................................ 37
Mota Engil SGPS SA ................................................................................................................................. 37
Soares da Costa SGPS SA ......................................................................................................................... 37
Teixeira Duarte SA ................................................................................................................................... 38
Edifer ....................................................................................................................................................... 38
Somague .................................................................................................................................................. 39
Odebrecht ............................................................................................................................................... 39
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