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Angola's Sonangol Cuts Debt, Output to Slip Without Investment

Source: Reuters 12/20/2016, Location: Africa

Angolan state oil firm Sonangol would be split into three separate units in a bid by Isabel dos Santos, the billionaire daughter of President Jose Eduardo dos Santos, to reshape the oil company, Financial Times reported. The three separate units will be - exploration and production, logistics and a division that handles Sonangol's concessions to international oil companies, the report said.

The oil company's output is set to slip from 1.7 million barrels a day this year to 1.5 million barrels a day by 2021 without fresh investment. Company's debt has fallen to $9.8 billion from $13.6 billion at the end of 2015. A further reduction to $8 billion is targeted for next year.

Isabel dos Santos also told the FT she has no interest in politics. When her time at Sonangol is up - whether next year after her father leaves office or when her five-year appointment expires - she will return to running her other business ventures, she says.

Isabel dos Santos was appointed the chief executive of the oil company by a presidential decree in June and had pledged to improve its efficiency and margins to offset the "huge" impact of depressed oil prices.

In July, Sonangol suspended all talks relating to the sale of assets belonging to Sonangol and stripped its internal legal department of most of its powers. Angola is currently Africa's biggest oil producer.

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