Angola’s state oil company to sell 30 pct of its shares from 2022

FILE: Angola's Oil Giant, Sonango. Photo/AFP
FILE: Angola’s Oil Giant, Sonango. Photo/AFP

Angola’s state oil company Sonangol has announced its plan to sell 30 percent of its shares in 2022 in a process that will allow private capital to be injected into the country’s largest public company.

The process could “extend for as long as it takes to adjust the company’s attractiveness and the market conditions,” said Edson Pongolola, the company’s director of planning and control.

Pongolola added that the privatization process will not necessarily start with 30 percent due to its complexity, but with smaller percentages depending on the attractiveness and market proposals.

“The prospect is to maximize revenue from the sale of these assets and to ensure that the next owner is not harmed by the market’s situation since these are assets and businesses with some solidity and conditions to continue,” Pongolola said.