Angola Could Partially List Oil Company Sonangol

Thursday, October 11, 2018

Angola, Africa's second largest crude producer, could partially list state oil company Sonangol, a spokesman for the ministry of mineral resources and oil said on Thursday.

This follows comments by Mineral Resources and Oil Minister Diamantino Azevedo, reported by state newspaper Jornal de Angola, that any partial listing would only occur after June next year when a restructuring of the company is complete.

The Sonangol restructure includes spinning off non-core assets and separating regulatory responsibilities from the company to form a new petroleum agency.

"(Sonangol) shares on an exchange, in the future, it's a possibility," the ministry spokesman said in response to questions from Reuters. He added that no decision had yet been taken about what exchange might be used to float the shares.

Since João Lourenço became president in September 2017, he has moved to overhaul Sonangol and the wider oil industry.

Angola hopes the restructuring will help reverse a decline in oil output in the OPEC member by reducing bureaucracy and speeding up the pace at which company investments can be approved.


(Reporting by Stephen Eisenhammer; Editing by Ed Stoddard and Emelia Sithole-Matarise)

Categories: Finance Africa Oil Industry News

Related Stories

Yinson Production Raises $1.46B to Refinance Agogo FPSO

KBR to Support Aramco’s Marjan Offshore Field Upgrade

LNG Flows Through Hormuz Hit Seven-Month High

Kazakhstan Resumes Action to Collect $5.2B Kashagan Field Fine

Arabian Drilling Inks $533M Deal for Four Jack-Up Drilling Rigs

Finder Energy Clears Environmental Hurdle for Timor-Leste Oil Project

TotalEnergies, SOCAR, XRG Greenlight Absheron Field Expansion in Caspian Sea

Inpex Takes Additional Stake in Ichthys LNG

Fugro Adds More Survey Work off Timor-Leste

China's CNOOC Posts Record First-Half Profit

Current News

Valeura Starts Wassana Platform Installation Offshore Thailand

Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases

Yinson Production Raises $1.46B to Refinance Agogo FPSO

Oil Climbs on US Storm Threat, Saudi Attack Risks

KBR to Support Aramco’s Marjan Offshore Field Upgrade

Oil Industry Braces for Years of Market Disruption

Eni Taps Yinson Production for Major Ghana FPSO Gas Upgrade

ADNOC Signs Multi-Year LNG Supply Deal with Thailand’s Gulf Group

Iran Set to Keep Hormuz Shut Until Seven Demands Are Met

LNG Flows Through Hormuz Hit Seven-Month High

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com