Ver Angola


Sonangol disperses 30 percent of its capital via public offering after meeting targets by 2027

The oil company Sonangol will disperse 30 percent of its capital via an Initial Public Offering (IPO) through the stock exchange, only after meeting a set of targets between 2023 and 2027, it was announced.


The information was transmitted this Tuesday by the chairman of the Board of Directors of the company, Sebastião Gaspar Martins, having pointed out a series of actions to be carried out in the next five years before the oil company's capital is dispersed on the stock exchange.

Increasing the domestic operated production share of crude oil and natural gas to at least 10 percent and increasing the national crude oil refining capacity to reduce dependence on imports as well as developing at least one petrochemical complex are among the priorities of the oil company.

For the next five years, Sonangol also proposes to produce electricity from renewable sources, increase storage capacity, mimic and make profitable the logistics services, distribution and marketing of refined products.

The goals of the state oil company were presented by Sebastião Gaspar Martins, while speaking at the III International Conference Angola Oil & Gas (AOG) 2022, which started this Tuesday in the capital.

The president of Sonangol, who spoke on the panel on the "Outlook of the Oil and Gas Industry in Angola", stressed that the company he directs also plans, between 2023 and 2027, "to control and reduce by at least 20 percent emissions of carbon dioxide in exploration and production operations as well as in refining".

Other priorities include "increasing carbon capture with the implementation of our Sonangol Carbono Azul Project, including mangrove plantations, optimizing organizational development and investing in human and technological capital to increase the company's productivity".

"And when all the preconditions are met, disperse up to 30% of the company's share capital through an IPO process", he pointed out.

In addition to planning to increase the operated oil and gas production quota to a minimum of 10 per cent by 2027, despite the current quota of 210,000 barrels/day, Sonangol "is also building operational refining capacity".

"The three new projects in progress that will increase the country's refining capacity to around 425,000 barrels per day, as well as the increase by 580,000 cubic meters of storage capacity in distribution infrastructure to meet current and future demand", he concluded. Sebastian Gaspar Martins.

The third edition of AOG 2022, which runs until Thursday, takes place under the motto "Promoting an Inclusive, Attractive and Innovative Oil and Gas Industry in Angola".

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