Ver Angola

Energy

Government will give priority to employees and small investors when selling Sonangol shares

The Government intends to give priority to Sonangol employees in the privatization process, which will be done through an Initial Public Offering on the Stock Exchange, revealed the Minister of Mineral and Petroleum Resources, Diamantino Azevedo.

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"We decided that our state-owned company, in the future, will be listed on the Stock Exchange, probably by 30 percent. We will give priority to Sonangol employees to buy shares, Angolans to buy shares, and other investors", said Diamantino Azevedo In London.

The Initial Public Offering (IPO) is expected to culminate in a privatization program of about 125 companies by 2022 proposed by the Government.

Diamantino Azevedo spoke at the Royal Institute of International Relations Chatham House, where he answered a question after the lecture by the Minister of State for Economic Coordination, Manuel Nunes Júnior, entitled "Angola and commitment to the Economy: Assessing the Progress of Privatizations and Other Reforms Economic".

The two ministers were in London to represent President João Lourenço at the first UK-Africa Investment Summit on Monday, when the Government and British oil company BP signed an agreement to explore an offshore block.

According to a statement from the National Petroleum, Gas and Biofuels Agency (ANPG), the first agreement aims at acquiring exploration rights for Block 18/15 on the Angolan offshore and defines the terms for contracting services with risk between ANPG and the partners of the contractor group in Block 18.

The block, which is already in production, is operated by BP and has as partners Sonangol Pesquisa e Produção and Sonangol Sinopec International.