Angola’s Sonangol to use US$1 billion to expand operations

23 December 2009

Luanda, Angola, 23 Dec – The chairman of the board of Angolan state oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol), Manuel Vicente, said Tuesday in Luanda that the company would use US$1 billion to expand its operations in 2010.

On the sidelines of the 155th extraordinary conference of OPEC oil ministers, in Luanda, Manuel Vicente, without outlining investment priorities for 2010, noted that the Angolan state company was already in Brazil and Iraq, where it recently won an international tender for exploration of two fields in the north of the country.

Vicente also said that the company planned a move into Ecuador and was also well positioned in Sao Tome and Principe.

He also told journalists that the company was preparing a listing on the stock exchange, “but not via an initial public offering (IPO).” (macauhub)