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.
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)
|Revenue||41 billion USD (2013)|
|Subsidiaries||Puma Energy International (30% owned)|