Seventy-two companies that are part of the business unit of Angola’s state oil company Sonangol will be divested under an ongoing restructuring process, the group’s chairman announced on Tuesday in Luanda.
Sebastião Pai Querido said that the process of divestment will be conducted by Sonangol itself, given the specific nature of some of the 72 companies, “but always taking into account the criteria and principles approved by the State structure that is coordinating this activity.”
The sale of these companies of the Sonangol group is part of a more comprehensive government programme under which many public companies will be privatised through the stock exchange, a process to be conducted by the Institute of Asset Management and State Participation (IGAPE).
The chairman of the group, who was speaking at the “Angola Oil & Gas 2019” conference, said that following the splitting off of the group’s previous concessionaire role, the assets that are part of Sonangol’s core business have been identified and selected.
The divestiture is part of the Sonangol Restructuring Programme, which began in 2018, and aims to make Sonangol more competitive and profitable, focusing on the primary value chain (oil surveying, prospecting, exploration and refining). (Macauhub)