LUANDA Dec 20 The head of Angola's state oil
company Sonangol has fired the executive committee of subsidiary
Sonangol Exploration and Production, the company said on
Sonangol's chief executive Isabel dos Santos, the
billionaire daughter of President Jose Eduardo dos Santos, has
told the Financial Times she plans to split the company into
Dos Santos has said she wants to improve transparency at
Sonangol, long been regarded as one of the most opaque
institutions in Africa.
Sonangol cited "management weakness" and financial concerns
for the dismissals.
"This decision is in line with the stance of the new Board
of Directors of the oil company to be consistent with the
principles of rigour and transparency," its statement said.
Sonangol Exploration and Production is also involved in
The Financial Times quoted Dos Santos as saying Sonangol
would be divided into three units: exploration and production,
logistics and a division that handles its concessions to
international oil companies. Non-oil interests will be placed in
Angola, a member of OPEC and currently Africa's top oil
producer and third largest economy, has been hit hard by the
slump in global crude prices. Oil export revenues account for
more than 90 percent of its foreign exchange revenues, which
critics say have been squandered and siphoned for decades.
(Reporting by Herculano Coroado; Writing by Ed Stoddard;
Editing by Ruth Pitchford)