Angola will sell the second largest oil company in Africa Sonangol is an Angolan oil company that was founded in 1976 and has about 13,000...

 

Angola will sell the second largest oil company in Africa

Sonangol is an Angolan oil company that was founded in 1976 and has about 13,000 workers. The Angolan government has said that Sonangol, a business that makes oil from mangroves, will be sold.

The government's Asset Management Centre said on Wednesday that Sonangol is the second biggest oil company in Africa and that it plans to stop running by 2026.

Patricio Vilar, who is the CEO of the company, said that it will take a long time to finish building Sonango because it is so big.

Every day, Sonangol makes two million barrels.

Vilar told reporters on Wednesday in Luanda, the capital of Angola, "The company's makeover will not be finished this year.

"But there is also a second phase of the work that will be done by 2026,"

The agency said it had gotten an audit report and an investigation into how the company works. Vilar added that everything must be finished before Sonango can be sold.

Seeing what's there

Representatives from the Centre went to the main office of Sonangol on Wednesday "to find out how it works."

Sebastiao Martins, the president of Sonangol, said that the government is working to change and improve the rules to protect it.

In 2021, the government started selling the company's shares, saying that it only wanted to own 30 percent of the company.

In October 2021, Angola's government said that buying Sonangol would make the country's oil market more competitive.

After Angol was taken over by the government in 1976, Sonangol was made. Only the company has the right to handle crude oil and gas.

The International Monetary Fund says that the company, which has 13,000 employees, is worth $51.5 billion.