Angop - Agência de Notícias Angola Press

Sonangol and TOTAL seek creation of joint venture

Wed, 09 Oct 2019 13:27 - Economy

Luanda- Angola’s state-owned oil firm Sonangol and French TOTAL intend to create a joint venture to operate in the distribution and trade of crude oil byproducts, as well as in the production of solar energy.

Angolan Competition Regulator Authority (ARC) on Tuesday said it is assessing the impact that Sonangol/TOTAL fusion could generate on competitors.

Inocêncio Muachingue, head of ARC Concentration Control Department, said the assessment process is still being conducted, but a decision will be made soon.

ARC official also underscored that since Sonangol already operates in the logistic chain, distribution, trade and byproducts market, it needs to assess whether there will be no hindrances or if the two firms can be aligned in terms of strategy.

ARC is responsible for the application of the law on competition and tackle  abuse and monopoly.