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Report: Angola-based Sonangol looking to sell bank stakes, oil block

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Report: Angola-based Sonangol looking to sell bank stakes, oil block

Angola-based oil and gas company Sonangol — Sociedade Nacional de Combustíveis de Angola EP is seeking to off-load its stakes in five Angolan banks, including an 8.5% stake in Banco Angolano de Investimentos SA, Bloomberg News reported Feb. 28, citing Chairman Carlos Saturnino.

Sonangol also intends to open a tender for potential bidders to weigh its stakes in some of the offshore oil blocks in a bid to slash its debt and boost revenue, Saturnino said.

The divestment, aimed at recouping from the crude-market slump that started in 2014, may also include Sonangol's stake in SonAir Servico Aereo SA, the news outlet reported.