africa Angola Economy oil pipeline

Angola Sonangol seeks greater efficacy through sale of assets

Approximate reading time: 2 minutes

The state-owned National Fuel Society (Sonangol) is undergoing a restructuration process which will reduce the company’s structure through the sale of some of its assets and branches, with a view to making it become more robust and efficient.

Last Thursday, Sonangol launched in Luanda its “Regeneration Programme”, which will cost the company 40 million euros in the next three years, with a view to making Sonangol’s core business fundamentally be the research, prospecting, exploration and distribution of oil.

The restructuration programme, which will be implemented in different stages, is intended to maximise the potential of Sonangol’s assets, transform it into a competitive and profitable company, as well as intensify its activity and boost production.

The programme, presented by the C.E.O of Sonangol, Carlos Saturnino, will include a merger of the company’s upstream undertakings into one activity.

The company has also drafted a list of its participations in various other business ventures or enterprises, which it has submitted to the Central Executive, with a view to terminating such participations until the end of next year.

“It is our intention to analyse other participations, with a view to selling Sonangol’s percentage (in other enterprises) completely or partially”, Carlos Saturnino explained.

He revealed that in terms of financial investments Sonangol has shares in some Angolan commercial banks, namely BCI, BFA, BAI, and Banco Económico (B.E).

The manager said also that Sonangol will improve its supervision and accountability on its subsidiary firms, which amount to nineteen.

The restructuration programme for Sonangol was approved last September by the Head of the Executive, President João Lourenço.

Source: Angop

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