Trade between France and Angola has been growing steadily since the civil war came to an end.
France’s exports to Angola increased by 113% overall over the period 2005-2010, reaching €584 million in 2011. Exports have until now consisted mainly of equipment for the oil industry, but are gradually becoming more diversified (agri-food, health, automotive, consumer goods).
French imports, valued at €1.3 billion, consist almost exclusively of petroleum products. Angola is France’s second largest oil supplier in sub-Saharan Africa, just after Nigeria.
Some 70 French firms are operating in Angola, mainly in the oil and oil services sectors. Total is responsible for a third (over 600,000 barrels per day) of Angola’s oil production. Total also accounts for the bulk of French inward investment (around USD1 billion per year). Total is set shortly to become the leading oil major in Angola (overtaking US group Chevron), with the launch of its Pazflor project.
Spurred by the Presidential visit of 23 May 2008, the draft agreement on mutual investment protection submitted to the Angolan government in 2002 was finally signed on 24 June 2008 in Paris.
Updated on 29.11.12