Angola’s state oil company Sonangol begins asset sales


Angola’s state oil company Sonangol begins asset sales

Late on Friday, the 24th of April 2020, the state-backed oil firm of Angola, a highly resource-rich lower-middle income country on the west coast of Southern Africa that contracted 0.7 per cent last year, marking up the fourth straight year of economic shrinkage in a row, had issued a statement saying that the Angolan state oil company had opened up a public tender in order to sell stakes to some of the private firms as a part of the Government program to privatize key assets of Sonangol including parts of the company itself by 2022.

Meanwhile, ascribing Sonangol as an “octopus,” the Minister of Mineral Resources and Petroleum of Angola, a nation with promise which had botched to recover from a 2014 recession following a price war over oil prices between Saudi and Russia back then, was quoted saying to the reporters on Friday (April 24th) after the Sonangol announcement that the company must shrug off assets in almost everything ranging from hospitality businesses to aviation across the globe before a 30 per cent stake sale of the company itself by 2022.

Concomitantly, in its Friday’s (April 24th) statement, Sonangol had also added that the company was divesting a 30 per cent of its assets to natgas and oil contractor Petromar, Sonadiets Ltd. alongside Sonadiets Services SA, a 51 per cent to Sonatide Marine Ltd.

alongside Sonatide Marin Angola Ltd., and a 40 per cent to Sonamet Industrial SA alongside Construction Petroleum and Sonacergy Services. In point of fact, the Angolan Government had plans to divest full or parts of its stakes of 81 companies through public tender this year, Angolan state news agency Angop had unveiled.