Angola hopes key reforms will aid efforts to sell oil assets - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Africa’s second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.

The swift timeline aims for an initial public offering of Sonangol in 2022, the sale of a 28% stake in Puma and its portion of oil venture China Sonangol in 2020 and the offloading of a share of Ivory Coast refinery SIR this year.that there is “tremendous interest” in the asset sales, but also questions as the nation scrambles to shed an image of widespread corruption, state control and unfriendliness toward foreign capital.

Lourenco dismissed the former leader’s daughter Isabel as Sonangol’s chair later the same year and the government has sought to crack down on the influence of the ex-first family and reform bloated state institutions. Massano said Angola this year cleared a backlog of money that investors had sought to repatriate and amended the law so those looking to withdraw funds in the future could do so via commercial banks, bypassing the Central Bank.Kwadwo Sarkodie, a partner at law firm Mayer Brown, which advises governments and international companies in Africa, said Sonangol is the crown jewel of the privatisation drive.

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