Angop - Agência de Notícias Angola Press

New organisational model prevents conflicts of interest in oil sector

Wed, 10 Oct 2018 11:32 - Economy

Luanda - The new organisational model introduced in the Angolan oil sector is intended to bring about greater efficiency to the state-owned National Fuel Society (Sonangol) and eliminate conflicts of interest.

  • Government takes measures for greater efficiency in oil sector

This was said last Tuesday, in Luanda, by the minister of Mineral Resources and Oil, Diamantino Azevedo, at a meeting with the members of the installing committee of the National Agency of Oil and Gas (ANPG), in which was analysed the draft new model of restructuring the oil sector.

Diamantino Azevedo said it is underway series of co-ordinated actions, with the involvement of the Angolan Executive, for the oil sector which will facilitate the functioning of firms in this area.

He went on to explain that while Sonangol will lose the quality of concessionaire to the ANPG, it (Sonangol) will continue to implement its regeneration programme, which is intended to make the company focus more on its core business, that is, get involved in upstream and downstream oil exploration operations.

The minister went on to explain that such a process will lead to the privatisation of some of Sonangol’s branches. The company itself, he revealed, will be partially privatised through the placing of its shares in the Securities Exchange.   

“That is what has been happening today with big oil companies worldwide”, he explained.

Besides the minister, the meeting was also attended by the secretary of State for Oil, Jerónimo Paulino, the C.E.O of Sonangol, Carlos Saturnino, and representatives of other oil companies that operate in Angola.