Angola’s state oil company , Sonangol says it plans to divest 52 joint ventures with the aim to reduce staff and focus on core oil business, as part of its reorganization and reforms to woo investors.
Chairman of Sonangol, Saturnino said;
“We are going to sell, close or put out of our group a lot companies,” Carlos Saturnino told an oil conference in Paris. “Last year, we identified 52 joint ventures in which we want to sell our equity.”
“Instead of investing in Australia, United States etc, Sonangol wants to become an oil company of reference in the African continent. This is major change for us,” he said, adding the objective was to make Sonangol more robust and agile.
The Sonangol Oil accounts for 95 percent of exports and around 70 percent of government revenues in Africa.
Sonangol is assessing oil blocks with Total and ENI, and has signed initial agreements with Exxon Mobil.
Angola state Oil firm has strike negotiations with Shell to and invest in the country.