President Joao Lourenco and President Xi met earlier this year
Sonangol must escape former regime’s shadow to achieve IPO
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026
NOC Sonangol is the largest asset on offer in Angola’s ambitious privatisation programme, alongside stakes in other companies including telecoms firm Unitel, the National Insurance Company of Angola and the Angola Debt and Stock Exchange. The last 5–7 years of rule by former president Jose Eduardo dos Santos—in power from 1979 to 2017—were marked by the “hollowing out” of state enterprises, explained South Africa-based risk consultant Marisa Lourenco. While Sonangol had previously been a technically competent company, the increased interference, culminating in the appointment of the president’s daughter, Isabel dos Santos, as the company’s head in 2016, “drove away competent staff”, Marisa L
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
