H.E. Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas of Angola, reiterated that Sonangol’s privatization would roll out in phases, with an initial 30% in initial public offering during the first phase, on Monday during an official visit to Lisbon, Portugal.

According to Minister Diamantino Azevedo, the first step to Sonangol’s privatization was successfully executed with the separation of its concessionaire role. This has allowed for the immediate eradication of any possible conflict of interest and created the ideal transparency level for a publicly-traded company, followed by a strategic divestment on certain subsidiaries to focus on its core business – oil and gas.

Sonangol’s privatization is part of the company’s regeneration program to create a lean and internationally competitive oil and gas operator.

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