Browsing: partial privatization of Sonangol

Angola, one of the top oil-producing countries in Africa is now betting on reviving its oil industry and jumpstarting its oil-dependent economy, which has been in recession for five consecutive years.

According to multiple reports, the government plans to sell as much as 30% of Sonangol, the economic engine of Angola’s oil-dependent economy.

According to Baltazar Miguel, a member of Sonangol’s board, the stake is worth about $6.4 billion, which will be sold after restructuring the company to create more transparency and root out corruption.

Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant spending plans made at $100 oil.

After the price crash that began in 2014, Angola is now the third-biggest oil producer in Africa, behind Nigeria and even behind conflict-ridden Libya.

Nunes Junior, who’s in charge of reviving …