Angola to kick off Sonangol IPO before 2022: minister Azevedo

FILE PHOTO: Cars are seen infront of the head office of Angola's state oil company Sonangol in the capital Luanda, Angola. June 7,2016. REUTERS/Ed Cropley

LONDON (Reuters) - Angola will kick off the process to list 30% of oil company Sonangol in the next two years though not before the state-owned firm has been overhauled, the country’s minister of Mineral Resources and Petroleum Diamantino Azevedo said on Tuesday.

In a first step, many of Sonangol’s non-core businesses will be earmarked for privatization, after which the rest of the core company would be overhauled, he said.

“Once we finished that process, there will be the conditions for bringing Sonangol to the stock exchange,” Azevedo said on the sidelines of a briefing at think tank Chatham House.

“Sonangol is like an octopus, it’s everywhere... there are properties everywhere, in Portugal, here, Singapore, aviation, resorts, hotels,” he added.

Azevedo said the government had hired Deloitte to help with the process.

Reporting by Noah Browning, writing by Karin Strohecker, editing by Ritvik Carvalho