Angolan president appoints daughter to state oil firm

Ms Isabel dos Santos, the daughter of Angolan President Eduardo dos Santos. FILE | NATION MEDIA GROUP 

Angolan President José Eduardo dos Santos has appointed his eldest daughter, Ms Isabel dos Santos, a non-executive administrator of the state-owned oil firm Sonangol.

The appointment is contained in a statement issued by the Presidency Civil House Office Thursday.

Mr Fernando de Carvalho Jerónimo was appointed the Sociedade Nacional de Combustíveis de Angola executive administrator, according to the statement.

Eldest son

President dos Santos in 2013, appointed his eldest son, Mr José Filomeno dos Santos, to head the strategic $5 billion Angolan investment sovereign fund, created in October 2012.

Ms Isabel dos Santos assets in Angola include a 25 per cent stake in Unitel, one of the country’s two mobile phone networks and another 25 per cent stake in Banco Internacional de Credito (BIC).

The Thursday statement said Sonangol had adopted a new business model and would no longer prospect for and produce oil.

The management

The firm will focus on the management and the monitoring of the oil agreements.

French Total is the largest oil producer in Angola, extracting about 700 barrels daily, accounting for about 42 per cent of the all country’s production.

The British BP and the American Chevron also operate in Angola.

Regularly cited

Angola is the second-largest producer of crude in Africa and was regularly cited as one of the continent’s fastest growing economies.

However, since the beginning of 2015, the southern African country has faced a serious economic crisis occasioned by the oil price depression on the international market.

Angola relies on crude exports for two-thirds of tax revenue, and 95 per cent of its foreign currency receipts.

Public revenues

Critics say the billions of oil dollars flowing in had not benefited the ordinary people, and had only succeeded in creating an elite few.

According to the United Nations, the oil sector represents 97 per cent of Angola’s exports and 80 per cent of public revenues and employs one per cent of the population who with less than $ 2 per day.

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