Ver Angola


Diamantino de Azevedo: intention to privatize Sonangol continues but challenges persist

The Minister of Mineral Resources, Oil and Gas said he maintains his intention to disperse the oil company's capital. Diamantino de Azevedo was speaking to the press at the end of a parliamentary hearing promoted this Tuesday by the Economy and Finance Committee of the National Assembly, which, among other matters, questioned the situation of the Sonangol privatization process.


According to the minister, the Government decided to disperse up to 30 percent of Sonangol's capital on the stock exchange, in several stages, starting with Bodiva, a local stock exchange, but also looking at external stock exchanges.

"It is also determined that this dispersion will include preferential shares for Sonangol workers, shares for individual Angolans and for Angolan companies", he said.

The holder of the Mineral Resources, Oil and Gas portfolio highlighted that this is a process that involves the restructuring of Sonangol.

"It is a process that is ongoing. We have endogenous aspects, which are the responsibility of Sonangol's management and the ministry responsible for it, but we have other aspects that go beyond the company's own management and I can mention here, for example, the issue of subsidies to It is something that has a negative impact on the company's accounts, so we have to resolve this aspect", he stressed.

Another challenge, highlighted the minister, is related to the excess staff at Sonangol, in the order of 2000 people, for which it is necessary to "find a solution".

"And these two aspects are not just the responsibility of the company's management", said the minister, rejecting the dismissal of workers.

"We are not starting from the principle of laying off workers, we are finding solutions for these workers. It did not occur to us to lay off these workers, the solutions include, for example, us directing Sonangol to be an energy company, to is not just restricted to hydrocarbons and we are already seeing investments from Sonangol in solar energy", highlighted Diamantino Azevedo.

With investments in the biofuels area, the government official continued, Sonangol can create space for these workers.

"Sonangol has to look for more investments, do more projects, and fit these surplus workers into these projects, we are not thinking about these workers outside of Sonangol", he highlighted.

Asked when the process of dispersing capital on the stock exchange, initially scheduled for this year, will begin, Diamantino Azevedo replied that "the intention continues", but he is still unable to put forward dates.

"Right now, we are reviewing this process, seeing what actions can be taken, what we have to do. [There are] actions that are the responsibility of the company's management, there are others that go beyond the company's management, but the intention remains, I cannot say here when we will be able to move on to this effective component of the process of dispersing Sonangol's capital on the stock exchange", he stressed.

Regarding the excess of workers at Sonangol, parliament suggested that the oil company find a solution, for example its contribution in other sectors, such as education.

"If these staff are in an idle condition, some are being paid to stay at home (...) they would be making a contribution - if only in a few hours, we are not talking about an eight-hour working day -, but The sector and its peers need to find a more useful use of this workforce, which is probably necessary in many sectors of activity in our national economy", said Aia-Eza Troso, president of the Economy and Finance Committee of the National Assembly.


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