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Sonangol's CEO: "We are analyzing several different stock markets. Starting with Luanda"

The chairman of Sonangol's Board of Directors (PCA), Sebastião Gaspar Martins, announced that the company is "analysing several different stock markets," including Luanda, and in a second phase, London and Wall Street. During the Angola Oil & Gas 2021 conference, the oil company's CEO reviewed the restructuring program and explained that it gives priority to financial stability, "with the company seeking to bring the national oil company to the stock market".

: Rodger Bosch/Getty Images
Rodger Bosch/Getty Images  

"We are analyzing several different stock markets. Starting with Luanda, but in a second phase also London and Wall Street, and Luanda will certainly come first," Sebastião Gaspar Martins said.

Cited in a statement sent to VerAngola, the company's chairman also noted that there were many reasons to be a shareholder in the national oil company: "There are many reasons to be a shareholder in Sonangol and I am sure that the majority of the people here present have the ambition to be shareholders in a company as large as Sonangol".

According to the statement, the main objective of the oil company's restructuring is to "place the company's focus on the oil industry value chain activities, which include prospecting, exploration and production of crude oil and natural gas; refining, liquefaction of natural gas and the transportation, storage, distribution and commercialization of derivatives".

The note goes on to say that "by preparing the company for the future of the industry, strengthening its role in both the development of angolan industry and the continent's energy growth, the restructuring aims to enhance economic development through the transformation of the energy sector."

In addition, the flagship oil company's restructuring process "prioritizes financial stability, with the company seeking to bring the national oil company public."

According to the statement, this process has been divided into three operational blocks and an organizational support block, aimed at improving the company's operations.

"This includes changes to the core business, a financial and portfolio restructuring, regulatory structures, and an organizational support axis," the statement read.

Community development and protection was placed high on the list of priorities in Sonangol's restructuring agenda.

"We are not planning any pause in our restructuring process. We have created opportunities to finance those who cannot be integrated into the new Sonangol structure, providing them with financial support while they look for other opportunities. We have a social responsibility that we take seriously and this is an expression of that," he added.

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