President of Angola appoints Isabel dos Santos as chair of Sonangol

3 June 2016

The President of Angola has named his daughter, businesswoman Isabel dos Santos, as chair of the board and non-executive director of Angolan state oil company Sonangol, Radio Nacional de Angola (RNA) reported.

The radio station, quoting a presidential order, said that the decision to dismiss the board of directors chaired by Francisco de Lemos J. Maria and appoint another in its place was intended to “increase efficiency and the ability to generate profits from the company.”

The Angolan newspaper Novo Jornal wrote that Fernando Paulino Jeronimo de Carvalho will be the chairman of the executive committee of the Angolan oil company.

In a statement Thursday, Isabel dos Santos said that “the reduction of costs as well as increased profits and competitiveness are mandatory strategic priorities”, while recognising that “achieving the intended results is a difficult and complex task, since the management of the crisis is on the agenda of all companies in the sector. ”

The businesswoman added that “Sonangol is facing the current climate”, marked by a “severe and prolonged” drop in oil prices and “is taking the initiative to embrace change and mark a new era.” (macauhub/AO)