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Angola's Sonangol Prepares Sale of Oil-Block, Bank Stakes

  • Sonangol head invites firms to bid for offshore-block stakes
  • Chairman Saturnino criticizes predecessor Isabel dos Santos
The offices of Sonangol EP stand illuminated at night in Luanda.

The offices of Sonangol EP stand illuminated at night in Luanda.

Photographer: Simon Dawson/Bloomberg

Updated on

Angola’s Sonangol plans to sell stakes in oil blocks and several local banks as the state-owned company seeks to recover from the crude-market slump that began in 2014.

Chairman Carlos Saturnino is trying to reduce debt and bolster revenue at a company that’s a key economic driver for the southern African nation: oil accounts for more than 90 percent of Angola’s exports. He also criticized his predecessor Isabel dos Santos, the daughter of the country’s former president, whom he succeeded last year.