Angola is planning to divest its 30% stake in national oil company Sonangol EP within the next five years, reported Bloomberg News, citing the government’s asset-management agency chairman.

The country is also looking to sell its stake in diamond firm Endiama as part of its privatisation programme.

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The stake sale in Sonangol is planned to be carried out in several stages and the government is considering the terms of the potential sale.

The Institute of Management of Assets and State Participations chairman Patricio Vilar was quoted by the publication as saying in an interview in Luanda, Angola: “We don’t know if Sonangol will be privatised in 2023, 2024, or 2025.

“What I can guarantee is that, if the market is ready, Sonangol and Endiama will be privatised,” during the five-year term of the new government, Vilar added.

To contribute to the country’s privatisation efforts, Sonangol and Endiama divested their 10% stake in banking firm Banco BAI in the initial public offering of shares in June 2022.

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As part of the privatisation programme, the government plans to sell holdings in petrol-station network Sonangalp, among others this year.

Angola President Joao Lourenco has vowed to help attract foreign investment and jobs to the country while diversifying its economy.

Earlier this year, Sonangol Hidrocarbonetos Brasil and Petrobras divested a 100% stake in block POT-T-794 in Brazil to Aguila Energia e Participações.

The onshore exploratory block POT-T-794 forms part of the BT-POT-55A concession, located in the Potiguar basin, in the state of Rio Grande do Norte.