Petroleum Africa
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Monday, June 13, 2016
Sonangol will spin off its non-core investments in areas such as banking and real estate into a separate fund to allow it to focus exclusively on oil, according to its recently appointed CEO, Isabel dos Santos.
Dos Santos is the daughter of Angolan president, Eduardo dos Santos.
“We’re very committed to transparency. We’re very committed to improving our profits at Sonangol and to improving our organization,” she told Reuters during an interview.
Sonangol will be split into three units according to dos Santos; one overseeing its oil operations, another logistics, and the third handling the management of concessions to international energy companies.
The new CEO said the restructuring would have taken place regardless of the oil price collapse, given the rapid development of Angola’s economy since the end of a devastating civil war in 2002, during which Sonangol was often called upon to provide basic services such as housing and hospitals.
“It is a state company and it was always the provider for many, many things for the country. If we required social housing or if we had issues regarding health, it was always a company that contributed,” she told Reuters.
“But the country has grown. There are a lot more businesses. You have a thriving banking sector, the real estate market is there, you can see all the construction. There are other companies, so Sonangol can push back a little bit from its non-core areas.”
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