Angola’s Sonangol is limited to managing and monitoring oil contracts

31 May 2016

Angolans state oil company, Sonangol, will in future be limited to “managing and monitoring oil contracts” according to the readjustment model of the oil sector.

The rights to its participated companies, at least 17 subsidiaries as well as stakes in several companies and banks, will be transferred to a state agency under the same model approved by a presidential decree of 26 May.

The company will now return to its “original and primary” function, which, according to the document, “involves transferring the various stakeholdings it holds in a number of companies in the sector to stake management companies owned by the State.”

According to the new organisational structure, the Senior Oil Sector Monitoring Council (COSAP), which is part of the direct administration of the State and will be the responsibility of the holder of executive power, will exercise the rights resulting from operating as state shareholder.

The new structure also includes the Oil Sector Agency, which includes indirect State administration and will coordinate, regulate and evaluate the performance of the sector, prepare and negotiate the allocation of oil blocks and resolve, by administrative means, conflicts in the industry. (macauhub/AO)