Congratulations are in order for Sonangol, the Angolan state-owned energy giant which just clocked 45 years in existence. Checks by Business Elites Africa showed that the company has been operating since 1976. It has also withstood both political and economic upheavals, thereby cementing its reputation as Africa’s leading national oil company.
In his goodwill message to the company, Angola’s Minister of Mineral Resources, H.E. Diamantino Azevedo, said Sonangol has contributed immensely towards sustainably growing the country’s petroleum industry. In his own words, “Sonangol has been a major contributor to the socio-economic development of Angola”.
Headquartered in Luanda the Angolan capital, Sonangol is to Angola what Petrobras is to Brazil and Saudi Aramco is to Saudi Arabia. It has many subsidiaries including Unitel and SARL. And had recently implemented a series of reforms with the aim of boosting sectoral success, whilst focusing Sonangol’s activities on its specific value chain. By doing so, Sonangol became more profitable and efficient. Just recently, Sonangol’s board of directors announced that the company saved, $1.441 billion in 2020.
As the African continent emerges from the impacts of the COVID-19 pandemic, and oil prices stabilize, Sonangol is prioritizing production capacity increases, boosting international involvement in the hydrocarbons sector, and reinforcing its central role in the national production of hydrocarbons.
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