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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WATCH | Eskom media briefing - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Eskom Interim chairman and chief executive officer (CEO), Jabu Mabuza has announced that the power utility’s acting will be having a media briefing tonight to inform the country on its future plans for load shedding. This after they announced on Wednesday that stage 2 load shedding in be implemented to protect the country from a total collapse … So these are some of the guys who are refusing to be vetted by SSA we can't watch cause these no eletricty This is good news for me....stayindarksouthafrica
Source: SABC News Online - 🏆 32. / 51 Read more »

FF Plus urges more efforts in curbing abalone poaching - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.FF Plus urges more efforts in curbing abalone poaching Freedom Front Plus MPL in the Western Cape, Peter Marais, has called for the navy to be deployed to coastal towns in the Overstrand-region to curb abalone poaching. China is determined to destroy Africa at a faster rate than the rest of the world combined.
Source: SABC News Online - 🏆 32. / 51 Read more »