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Johannesburg - Angola, which competes with Nigeria for the position of Africa's largest oil producer, hopes to list parts of its state-controlled oil company, Sonangol, in Johannesburg and New York within two years.
In Luanda on Tuesday Sonangol chairperson Manuel Vicente declared that management was preparing the company for the listings, which he expected to take place during 2012.
He said that the company was busy preparing its accounting practices for the listings, so that they would comply with international standards.
Sonangol is a large company with various divisions such as prospecting and exploration and the development of oil and gas fields both onshore and offshore along the Angolan coast. It also has an airline with a fleet of aircraft and helicopters, delivering air services to the oil industry in Africa.
According to Vicente, a listing would include one or more of these divisions.
He declined to say why Sonangol wanted to list, but it's possibly to raise money for the construction of oil refineries in Angola.
Sonangol produces only about 37 000 barrels of oil a day at Angola's only refinery, an antiquated Luandan plant.
The outdated refineries means that Angola ? Africa?s second-biggest oil producer, which produces just over two million barrels of crude a day ? imports about 120 000 barrels a day for its domestic consumption.
At Lobito, the country's second-largest city, the company is planning a new refinery to deliver 200 000-odd barrels a day.
In August Sonangol concluded a cooperation agreement with PetroSA to collaborate in refinery services.
Sonangol supplies refined oil products to retailers, and operates a network of gas and filling stations.
In addition it produces ? and markets ? lubricants.
Oil production in Angola has risen sharply in the past five years and in 2008 the country produced 2.1m barrels of crude a day, compared with the 2.3m that Nigeria delivered to the global market that year.
Observers expect that Angola will this year produce just as much or even more oil than Nigeria.
Sonangol is also the state-controlled agency that awards oil companies with permits for oil production.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.