ANGOLAN PRESIDENT APPROVES RESTRUCTURING OF STATE OIL FIRM SONANGOL

LUANDA– Angolan President JoAPound o Lourenco has approved the planned restructuring of the State-owned cil company, Sonangol E.P., under the broader re-organisation framework of the energy sector in the country, the second biggest oil producer in sub-Saharan Africa.

The restructuring is aimed at finding solutions which will contribute to the sustainability and growth of the oil industry in Angola, according to a statement issued by the President’s Civil Affairs Office here Wednesday. This will enable Sonangol to raise its efficiency and profitability, the Presidency said.

The programme allows Sonangol E.P. to become more competitive and profitable, focusing on the primary value chain, observing international standards of quality, health, safety and environment.

The move is also intended to improve the performance of the oil sector in Angola, boost and speed up activities to replace depleting reserves and increase, in the medium and long terms, the production of hydrocarbons by the country.

The promotion of exploration, research, development and production of natural gas to guarantee its availability for domestic use and for export are also among the objectives of the programme.

The programme also seeks to increase domestic refining capacity to reduce dependence on imports of oil products and consolidate the integration of refining, transportation, storage and marketing of refined products, focused on fuel efficiency and liberalization of the fuel market.

The restructuring will also improve the organizational development of human and technological capital aimed at increasing the productivity of Sonangol E.P.

Source: NAM NEWS NETWORK