Companies

Angola: Isabel Dos Santos defends her appointment as head of state oil firm, Sonangol

Thursday, 10 November 2016 12:22

Following reports of a Supreme court enquiry on Angola’s President in October, his daughter Isabel Dos Santos (photo) has come out to defend herself concerning her position as head of the state oil firm, Sonangol.

According to Isabel, she had been picked for her expertise and competence, Reuters reports.

Isabel Dos Santos was appointed as the chief executive of Sonangol in June, provoking 14 lawyers to file a lawsuit against the president on charges of nepotism and violation of Angolan probity law. “The issue of my professional competence does not seem to be something reasonable. To me this looks to be part of the political games ahead of elections,” she said.

After being appointed as chief executive of Sonangol, Isabel announced plans to divide the company into three units handling operations, logistics and concessions to foreign oil companies. The OPEC member outdid Nigeria as Africa's largest oil producer due to militant attacks and other problems that have cut the latter’s output.

The country has been affected by low oil prices that have resulted in reduction in expenditure and growth forecasts. In October 2016, Angola’s production fell to 1.47 million barrels per day as the key Dalia field which produces around 200,000-250,000 b/d was shut down for maintenance throughout the month. Output is expected to resume this month.

Anita Fatunji

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
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