Angola plans a stock exchange listing for up to 30% of state oil company Sonangol, as part of the government’s program to restructure the country’s oil and gas sector.
Angola's Minister of Mineral Resources and Petroleum H.E. Diamantino Pedro Azevedo.
Offshore staff
LUANDA, Angola – Angola plans a stock exchange listing for up to 30% of state oil company Sonangol, as part of the government’s program to restructure the country’s oil and gas sector.
Minister of Mineral Resources and Petroleum H.E. Diamantino Pedro Azevedo, speaking in London last month, said the move would allow Sonangol to raise funds for investment while at the same time increasing its competitive edge.
Further reforms on the government’s agenda include privatizing Sonangol subsidiaries that do not belong to its core business of exploration and production, providing opportunities for new entrants into Angola’s oil and gas market.
Projections suggest foreign direct investments totaling up to $10 billion over the next three years, as other companies take on support service roles previously fulfilled by the NOC.
