Turkey Launches Ambitious $500 Million Trade Push with Angola in Major Energy Partnership
Turkey has set an ambitious target to quadruple its trade volume with Angola to $500 million, up from $126 million last year, as Energy and Natural Resources Minister Alparslan Bayraktar announced during high-level bilateral talks with Angola’s Mineral Resources, Petroleum and Gas Minister Diamantino Azevedo.
The significant trade expansion comes as Turkey demonstrates its commitment to becoming a long-term development partner for African nations, with $10 billion in Turkish investments and over 2,000 completed projects worth nearly $100 billion across the continent.
“Our Presidential target is to raise trade to $500 million in the first phase. We believe there’s strong potential between our two countries,” Bayraktar declared, highlighting Turkey’s broader African success story where trade volume surged from $5.4 billion in 2003 to $37 billion in 2024.
Turkey is actively exploring cooperation opportunities in oil and natural gas with Angola’s Sonangol and National Agency for Oil, Gas and Biofuels, with a delegation from Turkish Petroleum and a Turkish mining company scheduled to visit Angola this month.
Angola’s Minister Azevedo announced ambitious plans to increase oil production to 1.5 million barrels per day by 2030, while highlighting the country’s solar power capacity capable of meeting half of its energy needs. The partnership aims to create sustainable economic cooperation across multiple sectors including oil, gas, renewables, biofuels, phosphates, cement, agriculture, fisheries, and construction.
Source: aa.com.tr
