Angola’s Sonangol and Endiama to be Privatized by 2022

Image: Bloomberg

Angolan Finance Minister, H.E. Vera Daves de Sousa, has announced the dispersion of part of Angolan petroleum and natural gas company, Sonangol, and Angolan mining company, Endiama, on the stock exchange. De Sousa made the announcement at a virtual conference held by Bloomberg in which she expects privatization to commence by 2022.

“We are aiming for the end of 2021 or the beginning of 2022 to start the privatization process of large companies such as Sonangol or Endiama,” stated de Sousa.

The sale seeks to kickstart economic growth through the raising of funds and constitutes part of Angola’s privatization program, which will run until 2022. To date, Angola has sold 30 companies through the privatization program, of which 195 assets are expected to be sold.

“[The deadline] depends on how quickly it will be possible to organize these companies and the guarantee of compliance with ‘due diligence’ – compliance with international procedural rules – to capture the interest of quality investors,” de Sousa noted.

The privatization program seeks to drive economic growth, which will be sustained in multiple sectors including mining and agriculture. Building on existing reforms launched by the executive in the last three years, the Minister has prioritized public debt in which the Department will hold off on the issuing of new debt until the international financial markets stabilize.

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