• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 42 mins WTI @ $75.75, headed for $64 - 67
  • 5 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 36 mins The Dirt on Clean Electric Cars
  • 10 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 11 hours Iranian Sanctions - What Are The Facts?
  • 5 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 6 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours EU to Splash Billions on Battery Factories
  • 2 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 12 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 12 hours Superhumans
  • 2 hours Nopec Sherman act legislation
Indicators To Watch As Oil Stocks Flop

Indicators To Watch As Oil Stocks Flop

Stock markets derailed on Wednesday,…

Is Uranium On The Way Back?

Is Uranium On The Way Back?

Kazakhstan’s state-owned uranium miner has…

Africa’s Richest Woman To Completely Overhaul Angola’s State-Run Oil Co.

Isabel Dos Santos Sonangol

Isabel dos Santos—the richest woman in Africa, the Angolan president’s daughter and now the CEO of the country’s state-run oil giant—on Monday said she plans to overhaul the Sonangol oil company department by department to bring it out of the oil price crisis.

Isabel dos Santos became CEO last week after a presidential decree from her father, Jose Eduardo dos Santos, appointed her to the lucrative and vital position.

The company’s previous leader had been at its helm for 36 years, prompting fears of nepotism from the president’s opponents, one of which, The National Union for Total Independence of Angola, rejected Isabel’s appointment on Tuesday.

Related: Rebound In Oil Prices Changes Drillers’ Mindset

“The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” Unita, said in an emailed statement released on Tuesday. “Angolans should not accept President dos Santos becoming an absolute king.”

According to analysts cited by Reuters, the president could be laying the groundwork for a dynastic succession if and when he steps down from his presidency in 2018 after elections occur next year.

Local media sources said the overhaul would involve the firms Boston Consulting Group and PricewaterhouseCoopers, which would assist in the restructuring process.

At a press conference last week, Isabel said she would split the national company into three parts, in order to better organize and oversee operations, logistics and concessions to international oil companies.

Related: Oil Prices Stimulated By Fed’s Inaction

The new CEO will also consider building a domestic oil refinery in order to reduce the country’s need to import almost all diesel and gasoline, all while cutting production costs instead of resorting to layoffs during this difficult financial period.

Santos has a net worth of US$3.4 billion and holds major investments in banking and telecommunications companies, according to recent reports by Forbes.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News