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Monday, June 6, 2016
Angola’s President Jose Eduardo dos Santos fired the board of state-run oil and gas firm Sonangol and appointed his daughter, Isabel dos Santos, to head up the company.
The government revealed in April that it was restructuring the state-run firm to increase efficiency and profitability; the firing of the board and the presidential decree naming dos Santos’ daughter as chief executive seem to be the first salvo in doing this.
Isabel dos Santos has garnered the support of John Baltz, the MD of Chevron’s Angolan subsidiary, who said he supports the direction that Sonangol is taking.
“The government has acted. It is clear the direction they want to go. I am always optimistic. I certainly support the direction Sonangol is taking,” John Baltz said in a Reuters report. Baltz was at a conference of the US Angola Chamber of Commerce when asked for comment.
While Chevron Angola’s MD might support the appointment, industry insiders are not sure of the president’s choice as she is not an energy expert. There is also the stigma of “nepotism at its finest.”
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