Workers to have priority in the privatisation of Angolan state oil company Sonangol

22 January 2020

The workers of Angolan state oil company Sonangol will be given priority in the company’s privatisation process, due to be conducted through a public offer of sale on the stock exchange, the Minister of Mineral Resources and Oil said on Tuesday in London.

Diamantino Azevedo said that the current idea is to sell 30% of the shares representing the capital of the state company, “and we intended to give priority to employees of the company, followed by Angolan citizens and other investors.”

The minister was speaking at the Royal Institute of International Relations, at Chatham House, where he answered a question following a talk by the Minister of State for Economic Coordination, Manuel Nunes Júnior, entitled “Angola and commitment to the economy: Evaluation of the progress of privatisations and other economic reforms.”

The Public Offer of Sale of Sonangol should conclude the privatisation of around 125 companies by 2022 proposed by the government.

The two ministers were in London to represent President João Lourenço at the first UK-Africa Investment Summit, on Monday. The Angolan delegation included the Minister of Finance, Vera Daves, the governor of the National Bank of Angola, José de Lima Massano and the Angolan ambassador to the United Kingdom, Geraldo Sachipengo Nunda. (macauhub)