Angola Hopes Key Reforms Will Aid Efforts to Sell Oil Assets

Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises. Africa’s second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient, Reuters reported. In August, the government published an extensive list of assets that will be offered to investors via public offerings, stake sales, asset sales or tenders. The swift timeline aims for an initial public offering of Sonangol in 2022, the sale of a 28% stake in Puma and its portion of oil venture China Sonangol in 2020 and the offloading of a share of Ivory Coast refinery SIR this year. Read more