Page 8 - AfrOil Week 36 2022

AfrOil INVESTMENT AfrOil

BP production facility in Algeria (Photo: BP)
Eni described the acquisition of BP’s Algerian strategic value to further contribute to Europe’s
assets as in line with its long-term decarbonisa- gas needs.”
tion goals. The expansion of operations is part Algeria has traditionally been one of Italy’s
of the company’s “distinctive strategy to address largest suppliers of natural gas, and delivery vol-
the challenges of the current energy market to umes have risen since the Russian invasion of
deliver secure and sustainable energy to cus- Ukraine and the subsequent disruption of Rus-
tomers while accelerating the path to net zero,” sian gas shipments to Europe. Italy imported
it said. 23bn cubic metres of gas from Algeria last year,
It also stressed that the Algerian fields could and the figure is slated to rise to 25 bcm this year
serve as a much-needed source of gas for the under an agreement signed between Rome and
Continent, saying: “This acquisition has a great Algiers in July. ™

Angola sees privatisation of Sonangol,

Endiama completed within five years

ANGOLA ANGOLA has not yet set a deadline for pri-
vatisation of the national oil company (NOC)
Sonangol or the state diamond-mining con-
cern Endiama but expects to wrap up both sales
within the next five years, according to Patrício
Vilar, the head of the government’s asset man-
agement agency.
Vilar told Bloomberg in an interview pub-
lished September 2 that Angolan President João
Lourenço, who has been declared the winner
of last month’s presidential election, was deter-
mined to complete the sale of stakes in these two
companies during his second five-year term on
office. The sale will happen, even though no
deadline has been set yet, he declared. The government aims to sell 30% of the NOC’s equity (Photo: Sonangol)
“We don’t know if Sonangol will be privatised
in 2023, 2024 or 2025,” he said. “What I can guar- sale. Multiple options are under considera-
antee is that, if the market is ready, Sonangol and tion, including privatisation in more than one
Endiama will be privatised [during Lourenço’s stage, he said. (He did not say whether any sim-
second term].” ilar arrangements were being considered for
Luanda remains committed to selling of Endiama.)
30% of equity in Sonangol, he added, but has “We have to be careful not to flood the mar-
not yet decided exactly how to carry out the ket,” he told Bloomberg.

P8 www. NEWSBASE .com Week 36 08•September•2022