Sonangol to divest its non-oil interests in Angola

14 March 2007

Luanda, Angola, 14 March – Angolan state oil company Sonangol plans to divest, preferably to Angolans, all of its non-oil sector interests, the company’s chairman said Tuesday in Luanda.

According to Manuel Vicente, chairman of the board of Sonangol, the growth of the Angolan business sector and its entry into areas such as services to the oil sector and others, will lead to the company moving out of sectors other than its core interest.

“Sonangol will continue to divest outside of its core business based on the idea that the market can offer services of the same quality and I am therefore challenging Angolan businesspeople,” said Vicente.

Sonangol currently has almost no need to outsource specialized technical services as it has created separate companies or joint ventures to deal with practically all of its needs. (macauhub)