President approves restructure of state oil firm Sonangol

Luanda – Angolan head of State JoAPound o Lourenco has approved the Restructuring Programme of the State-run Oil company “Sonangol E.P”, under the adjustment framework of the organisation of the sector.

The objective is to find solutions that contribute to the sustainability and growth of the oil industry in Angola, according to a note from the President’s Civil Affairs Office reached Angop on Wednesday.

The restructure of Sonangol aims to increase efficiency and profitability, the source noted.

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 the activity to replace the reserves and increase, in medium and long term, the production of hydrocarbons.

Promotion of exploration, research, development and production of natural gas, to guarantee availability for domestic use and export, are also part of the objectives.

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

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

Source: Angola Press News Agency