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
12 November 2025
The November 2025 issue of Petroleum Economist is out now!
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
7 November 2025
The Russian company’s German assets are under Berlin’s management and are exempt from sanctions, for now, but a permanent solution still needs to be found
