Sonangol
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OVERALL |
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Owned |
AGO |
Rating |
N/A |
Oil and gas
This government-owned company oversees petroleum and natural gas production in Angola. Angola produces and exports more petroleum than any other nation in sub-Saharan Africa, surpassing Nigeria in the 2000s.
Sonangol EP | AGO | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Sonangol EP | ||||
Angola's oil production drives an enclave economy that enriches wealthy political elites and leaves the masses in dire poverty, according to Angola's Oil Industry Operations – a research report commissioned by the Open Society Initiative for Southern Africa (OSISA). The state-owned oil company, Sonangol exerts undue political and economic power; there is an obvious conflict of interest in that it both administers and regulates the oil sector; millions of dollars are being diverted from the state treasury, either though institutionalised or straight up corruption; oil revenues go to reinvestment instead of the country's long term sustainable development; and environmental impacts go largely unmitigated.
Source: OSISA (2012)
In 2011 Human Rights Watch reported that US$32 billion in government funds was missing, thought to be linked to the state oil company, Sonangol.
Source: Human Rights Watch (2011) |
Company Details
Type | State-owned enterprise |
Revenue | 41 billion USD (2013) |
Employees | 10,000 (2013) |
Contact Details
Address | Luanda, Angola |
Website | www.sonangol.co.ao |