Angolan president appoints daughter head of state oil firm

Reuters News
Posted: Jun 02, 2016 4:57 PM

LUANDA (Reuters) - 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.

Citing a presidential decree, RNA said Isabel dos Santos would head the company, after the president fired the entire SonangolĀ board and appointed a new one.

Angola, Africa's second largest oil exporter, said in April it would restructure Sonangol to "increase efficiency and profitability".

Oil sales account for 95 percent of Angola's foreign exchange earnings, making Sonangol the biggest source of state funding.

Low oil prices have hammered Angola's economy and the government is in discussions with the International Monetary Fund about possible financial assistance.

Sonangol said in February that debt owed to foreign oil companies had soared and it expected a very difficult year.

(Reporting by Herculano Coroado; Writing by Olivia Kumwenda-Mtambo; Editing by Andrew Roche)