Africa Oil & Gas: New management reorganises Sonangol business portfolio in Angola

Angola President’s daughter Isabel dos Santos, recently named Sonangol CEO

The new board of directors of Angolan state oil company Sonangol will reorganise the business portfolio of the company and its subsidiaries, according to a presidential decree.

“The board of directors (…) should apply the model of reorganisation of Sonangol EP business portfolio, its subsidiaries and affiliates, pursuant to the adjustment to the oil sector organisation model,” reads the decree signed by José Eduardo dos Santos, naming Isabel dos Santos to the position of chair of the board of directors and non- executive director of the oil company.In Portugal Sonangol has direct and indirect holdings in Millennium bcp Bank and Galp Energia and in Angola it has many companies in various sectors of activity outside the oil sector.

On Monday, Isabel dos Santos said that Sonangol’s restructuring model provides for the creation of an operational SGPS (stake holding company), another to support logistics services, as well as a company that operates as the oil sector concessionaire, with the aim of “increasing profitability, efficiency, (and) transparency” of the company.

She added that the “challenge in the next 100 days” is to “continue to make a thorough diagnosis” that has already started to “better understand the effectiveness and efficiency gains that the company can get quickly.”

As chair of the executive committee – a new body created by the Angolan government for the state oil company – and chief executive, Paulino Fernando de Carvalho Jerónimo took office, transferring from the previous board, which had been led since 2012 by Francisco de Lemos José Maria, released Thursday from his role by the head of State.

The Angola state oil company’s revenues fell by 34 percent last year, compared to 2014, and its profit fell by about 45 percent, mainly due to a drop in oil prices. (macauhub/AO/PT)

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