Is it possible for me as Admin to give another person Admin status?
Is there a way to give him the same permission as Admin?
Yes, it's easy actually (this is why I can answer you... ). If you go to the members page and click on the edit icon of the user you intend to make admin, you will find in the following page a menu where you can select among regular user, moderator and administrator.
As far as I know... that's it! But be very careful, making somebody else administrator can be quite risky. Be 100% sure about the guy!