Sonangol, PwC end contract

LUANDA, December 6, 2017 – Sonangol and PwC have agreed to end the consulting company’s audit services contract for the NOC and its subsidiaries, the Angolan state-owned company announced Tuesday.

The NOC said the contract had been terminated due to a conflict of interest, since PwC is also a consultant on Sonangol’s transformation process. Also, according to a public sector business law, the head of state must determine the requirements for the NOC’s auditor.

In April 2016, the Ministry of Oil announced that Sonangol would be restructured. Boston Consulting Group, PwC and Vieira de Almeida have been hired to assist with the restructuring. According to them, the first of four phases has been planned. They are expected to create a separate agency to perform Sonangol’s concessionaire and regulatory duties, lowering costs.

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