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Sonangol Plans Paenal Restructuring to Face the Future

Sonangol has set out plans to restructure its interests in the Paenal yard and create a new operating model.

Paenal is a fabrication yard, where Sonangol owns a 40% stake, SBM Offshore 30% and Daewoo Shipbuilding & Marine Engineering 30%.

Sonangol has previously raised the possibility of selling a 10% stake in the yard. The company set out its plans in 2020 to sell down stakes in assets, but in recent times – amid higher oil prices – the drive for such sales has ebbed.

However, the Angolan company said it was working with its partners on the “profound change”. Alterations to its corporate structure could involve an international sale, it said this week.

Sonangol said it was aiming for a new business model to tackle “current and future market challenges”. Changes would aim to increase its turnover.

The company made commitments to protect workers’ rights and local communities.

Sonagol and SBM set the yard up in 2007. DSME joined the venture in 2008.

Paenal has already begun taking steps to reduce its environmental impact. On March 21, the yard began a process of electrification – hooking the facility up to the national grid.

It has run on diesel generators since its launch in 2007. It currently has a 4 MW power plant on site.

Paenal director Luis Barroso said the move to electrification would have two major benefits. It would reduce costs, making the yard more competitive, and would also reduce CO2 emissions, aligning Paenal with the national and international industry.

The yard is home to Angola’s largest crane, Jamba, which was installed in 2013. It can lift 2,500 tonnes.

Paenal has a number of plans to move beyond its FPSO work. Decommissioning work is likely to play an increasingly important role, given Angola’s maturing industry.

Source : Energy Voice