Angola: Sonangol to sell its non-oil interests

Engaged in a process of refocusing on its core business, the Angolan oil company, Sonangol, confirmed on Friday 28 February its intention to sell its holdings in eleven private companies, starting in April. The country’s first public company holds shares in companies active in aviation, hotels and maritime services. These are all sectors that are far from the oil industry’s core business and which recently led the Minister of Petroleum, Diamantino Azevedo, to say that Sonangol is « an octopus with assets everywhere ». These divestment transactions, if completed, should pave the way for Sonangol’s IPO, which is expected to take place by 2022.