Sonangol

“Sonangol has so far committed US$1.6 billion to the building cost, according to Energy New Network.”

“Sonangol board member Osvaldo Inacio said the company is now present in 42 oil concessions and operates 11, while expanding across gas, petrochemicals and other industrial activities.”

“He claimed the money was later transferred by Sungara partners to Sonangol, Angola's state oil company, without his approval.”

“His suspension was subsequently extended twice, in August and September. Mulunga faced a disciplinary hearing in October last year, where he was made to answer for several controversies, including a Sonangol deal in which Namcor paid US$6,7 million (N$123 million at the time) on behalf of third parties to buy into an oil well owned by the Angolan state-owned oil company.”

“Namcor will co-own the oil blocks with Angola's state-owned oil entity, Sonangol, and two other partners in a joint venture known as Sungara Energies.”

“Sonangol announced last weekend that it had conducted a partial alienation of participations in eight oil concessions in the country, in a limited public tender, without mentioning the value of the deal.”

“Sonangol has reportedly privatised 13 assets in 2021 that earned US$37 million, and the company appears to continue to prepare, without haste, the stock market dispersal of up to 30% of its capital.”

“Sonangol announced last weekend that it had conducted a partial alienation of participations in eight oil concessions in the country, in a limited public tender, without mentioning the value of the deal.”