Sonangol to sell assets, refocus upstream
LUANDA, July 24, 2018 – Angolan NOC Sonangol is planning to sell off assets to refocus on its core activity, local media reported Monday.
The statement came in response to reports the NOC would stop upstream activities to strengthen its concessionaire and regulator role, Angop news agency reported.
“A series of measures have been considered that, once implemented, should focus Sonangol to its core business, fundamentally ensuring that its focus is on research, hydrocarbons production and other activities in the oil and gas value chain, such as refining, transporting, storing and distributing and trading oil and gas derivatives,” the company said in a statement.
In June, Angolan President João Lourenço said Sonangol would privatise some of its subsidiaries without specifying which units would be sold.