Angola, a member of OPEC, is currently Africa's largest oil producer
because of militant attacks and other problems that have cut output in
Nigeria.
Angolan president appoints daughter as head of state oil firm(Bloomberg)
Angolan President Jose Eduardo dos Santos has appointed his daughter as head of state oil firm Sonangol, Angola National State Radio (RNA) reported on Thursday, as the government aims to turn around the struggling company after low crude prices hit revenue.
Citing
a presidential decree, RNA said Isabel dos Santos would head the
company, after the president fired the entire Sonangol board and
appointed a new one.
Angola said in April it would restructure Sonangol to "increase efficiency and profitability".
Sonangol said in February that debt owed to foreign oil companies had soared and it expected a very difficult year.
Angola imports around 6 million cubic metres of refined products a year, according to national statistics.
Angola, a member of OPEC, is currently Africa's largest oil producer because of militant attacks and other problems that have cut output in Nigeria.
Dos
Santos, who has been in power since 1979 and is one of Africa's
longest-ruling leaders, said in March he intended to step down as
president in 2018 but gave no reason for his decision and did not name a
preferred successor.
Dos Santos' mild,
inscrutable public demeanour belies his tight control of Angola, a
former Portuguese colony where he has overseen an oil-backed economic
boom and the reconstruction of infrastructure devastated by a
27-year-long civil war that ended in 2002.
Critics
accuse him of mismanaging Angola's oil wealth and making an elite,
mainly his family and political allies, vastly rich in a country ranked
amongst the world's most corrupt.
Oil sales
account for more than 90 percent of Angola's foreign exchange earnings,
making Sonangol the biggest source of state funding.
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