Angola May Seek International Arrest Warrant for Isabel dos Santos
Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect, its chief prosecutor was quoted as saying.Angola has named dos Santos, the daughter of former president Jose Eduardo dos Santos, as a suspect over alleged mismanagement and misappropriation of funds while she was chairwoman of state oil firm Sonangol in 2016-2017.
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.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.In August…
Sonangol Names New Leadership
Angola's Sonangol has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos. The former president's daughter Isabel dos Santos remains the head of Sonangol. She announced plans last year to split the company into three units: exploration and production, logistics and a division handling concessions to international oil firms.
W. Africa Crude-Trading Quiet, Nigerian Delays Dampen Demand
Oil futures were on track for their biggest annual gains since 2009 despite intraday losses, aided by OPEC's agreement to cut production from early next year. Still, demand for West African crude in spot trading was limited by holidays across Europe and uncertain demand in Asia. Gains in U.S. crude stocks showed by the U.S. Energy Information Administration this week also raised doubts over western demand for African oil in the near term.
Global Oil Slump Cost Angola $6 bln in 2015
The sharp drop in oil prices over the last year cost Angola about $6 billion in revenue, President Jose Eduardo dos Santos said on Monday, and will force the country to borrow more to make up for the shortfall. Africa's largest crude exporter relies on oil sales for around 95 percent of its revenues. Oil prices have plunged from a peak in mid-2014, by as much as 70 percent at one stage.
President Warns Oil Fall Leaves Angola Short of Foreign Reserves
Angola is running short of foreign reserves to pay for imports because its national oil firm has not contributed to state coffers since January, President Jose Eduardo dos Santos said. Remittances from Sonangol, which is now run by the president's daughter Isabel, represented 60 percent of total government revenues, but the firm halted payments after the price of oil fell, dos Santos said on Wednesday. "Our country lives upon imports, practically.
Angolan Activist calls for President's Daughter to Step Down as Oil Firm Chief
Human rights activist Rafael Marques has asked Angola's Attorney General to revoke the appointment of Isabel dos Santos as head of Sonangol, accusing the president of acting unconstitutionally by putting his daughter in charge of the state energy firm. Angolan President Jose Eduardo dos Santos, who came to power in 1979, appointed his billionaire businesswoman daughter as head of Sonangol…
Angola to Restructure State oil firm Sonangol
Angola, Africa's second largest oil exporter, will restructure state firm Sonangol, the oil ministry announced on Wednesday, aiming to "increase efficiency and profitability". Sonangol will continue to focus on exploration and production while two new entities - the Agency and the Superior Council - will be responsible for regulation and administration, Petroleum Minister Jose Maria Botelho de Vasconcelos said.
Growing Chinese Debt Squeezes Angola
Debts to China climb to an estimated $25 billion; Angola has less oil to sell to plug budget holes. Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil sector development to health care in one of Africa's largest oil exporting nations. Following a trend also seen in Iraq, Kazakhstan…
Sinochem, Sonangol Ink 10-year Supply Pact
China's state-run Sinochem Group said on Wednesday it had signed a deal with Angolan state-owned producer Sonangol to buy crude oil for more than 10 years. The statement on the Chinese company's website did not give details of the supply amount or other financial details, but trading sources said the agreement was for four or five cargoes per month, which would make the company one of the largest holders of monthly contracts to buy Angolan crude.
Sonangol, Total Adding 30,000 bpd to Angola Output
Sonangol and a unit of France's Total will break ground on a new deepwater oil pumping project that will add over 30,000 barrels a day to Angola's oil production, the state oil company said. The project, part of the offshore Rosa oil production field north of the capital Luanda, involves four multi-phase high-pressure pumps installed close to the bottom of sea and will link up with an existing subsea network for pumping crude, the company said.
Angola Reviews Oil Sector as Prices Tumble
Angola's president has appointed a government team to help reorganize the oil sector and state firm Sonangol as Africa's second-largest crude exporter suffers from the price drop. The group will include the ministers of state, of petroleum and of finance, the governor of the central bank and officials of state oil producer Sonangol, President Jose Eduardo dos Santos said in a statement seen by Reuters on Tuesday.
Angola's Opposition Calls for Transparency in Public Spending
Angola's main opposition political party has asked President José Eduardo dos Santos to explain why the state was not using strategic oil funds from oil revenue to help the ailing economy in its response to last week's state of the nation address. Angola's Vice President Manuel Vicente said last Thursday the economy will grow more slowly than expected this year, as subdued oil prices sap public spending…
IMF in Angola to Gauge Oil Slump's Economic Impact
International Monetary Fund officials begin a working visit to Angola on Thursday with the oil-producing nation's economy reeling from the plunge in international crude prices. Benchmark Brent is trading below $50 a barrel, close to its 2015 low after an 18 percent drop in July. The IMF mission, headed by the global lending body's Africa director Ricardo Velloso, will assess Angola's fiscal framework and its ability to manage the impact of falling oil revenues…
Angolans Resentful as China Tightens Grip
Lower crude price hammered Angola's economy. When a halving of oil prices left a gaping hole in Angola's finances this year, it became clear sub-Saharan Africa's third largest economy needed help fast - and President Jose Eduardo dos Santos knew exactly where to turn. But the multi-billion dollar loans he signed with China last month have angered Angolans who say they have been left…
Brazil Offers Angola $2 Billion Credit for Energy, Construction
Brazil has offered Angola a new credit line worth $2 billion for use in the sub-Saharan African country's energy and construction sectors, Angolan Finance Minister Armando Manuel said on Monday. Several Brazilian companies are involved in energy and construction in Angola, Africa's No. 2 oil producer, although China is the main foreign partner and buys nearly half of Angola's oil. Angolan President Jose Eduardo dos Santos…