November 26, 2018

Sino Agro Food signs MoU for aquaculture development in Angola


Sino Agro Food, Inc. has announced the signing of a memorandum of understanding ("MOU") with Nortus Aquacultura e Pesca, Lda, a private company headquartered in Angola, for the establishment of an aqua farm in the country.


The MOU will pave the way for both companies to engage in efforts to develop a vertically integrated farming system in Angola modeled after the conceptual plan of Sino Agro's Aquafarms 4 and 5.


In addition to production farms and training, the plan calls for both upstream and downstream assets, including hatcheries, feed mills, marketing, distribution, and export. The document will serve as registration for a funding request from a regional Angolan state-sponsored aquaculture agency to Angolan authorities for inclusion in the China Credit Line to Angola within the framework of excellent relations between the two countries.


Sino Agro Food will conduct the project deployment operations.


According to the company, a step-wise, milestone-based and dependent project is planned for the building of an aquaculture farm to produce 60,000 tonnes per year of seafood - primarily tilapia, African catfish and Malaysian tiger prawns - as well as 150,000 metric tonnes per year of feed, and fruits and vegetables.


"Nortus, Lda has extensive knowledge of the aquaculture industry and the mandates of the Angolan regional and national agriculture agencies, as well as existing relations with the proper authorities to guide the project to funding and fruition," said Nortus, Lda.'s principal, Rui Sancho.


"Nortus, Lda appreciates SIAF's (Sino Agro Food) great experience and know how in the development of projects to reach the full potential of Angola's ambitions to improve the food diet of the populations of Angola, other parts of Africa, and to export surplus product. The project will utilise identified extensive arable land with clean water springs in the municipalities of Porto Amboim and Cela in Kwanza Sul, Angola, and Ambaca in Kwanza Norte, Angola. In the future, the project may be expanded to other locations; namely, the Tiger's Bay Development Plan in Namibe, Angola."


"Capital Award, our wholly owned subsidiary, has deep knowledge and experience developing just the kind of aquaculture assets envisioned in Angola, where various projects are being funded through an existing cooperative understanding between China and Angola," said Solomon Lee, CEO of Sino Agro Food Inc.


"We are delighted to partner with Nortus, Lda to tailor our technology to the project's aims and to the physical conditions of the project locales. For some time, Capital Award has evaluated opportunities to export its expertise. This opportunity presents the best set of commitments to proceed."


- Sino Agro Foods / PRNewswire

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