The partial sale of Sonangol will take “some time” and follow a financial review, Chairman Gaspar Martins told reporters Thursday in the capital, Luanda.
The restructuring is part of President Joao Lourenco’s plans to change the face of Angola’s oil industry, which the government relies on for about three-quarters of its revenue and more than 90% of exports.
Production of crude has dropped to its lowest level in more than a decade and new projects are required to halt the decline.
Sonangol is expected to sell stakes in more than 72 non-core ventures and to transform into an operator rather than being a passive partner.
The company is currently preparing a public sale of 11 assets in April, Martins said.
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