Sonangol to withdraw from several private companies by April

Next month, Sonangol, the Angolan public oil company, will sell its shares in 11 private companies involved in aviation, hotels and even maritime services, among others. This transaction will pave the way for the partial listing of the company before 2022 and at the end of which 30% of Sonangol will be sold.

Among the companies concerned, we can cite Sonamet, the local bank Banco BAI, Sonatip or Sonadit, which are particularly devoted to the metal trade, to support offshore companies and maritime services.

For Diamantino Azevedo, the Minister of Petroleum, Sonangol is a “octopus that has assets everywhere” . It must therefore reduce its presence in certain sectors so that it can concentrate on the exploration and production of hydrocarbons for more efficiency, he added.

Angola, the second largest oil exporter in Africa, is facing declining production and an economic slump which has prompted the authorities to rationalize the public sector and refocus Sonangol, the largest public enterprise, on its main activity.

 

Source: Agence Ecofin

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