The agreement between the two firms has received approval from Angola’s National Agency for Private Investment (ANIP).
As part of the deal, the companies plan a proposed initial investment of $175m to construct a new manufacturing facility, which will supply subsea equipment, in the city of Soyo.
GLS Holding president and CEO Dr. Eugenio Neto said the new JV will support the development of Angola, bringing jobs and new manufacturing technologies.
"The investment represents an important contribution to the country’s "Made in Angola" initiative and, consequently, for the continued growth of Angola’s oil and gas industry," Neto added.
"It will be a great asset to Angola’s petroleum sector and the country and its first priority will be to meet domestic demand in Angola."
