Sonangol Group

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SONANGOL
Type Parastatal
Founded 1976
Headquarters Flag of Angola Luanda
Key people Manuel Vicente, President of the Administration Council
Industry Petroleum Conglomerate
Website http://www.sonangol.co.ao/

SONANGOL is a parastatal (a partially state-owned corporation or government agency) that oversees petroleum and natural gas production in Angola. The group has many subsidiaries. The subsidiaries generally have Sonangol as a primary client, along with other corporate, commercial and individual clients. Angola is estimated to have over 5 billion barrels of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5 to 1 ratio.

[edit] History

On the eve of Angola's independence from Portugal following the election of a modern democratic government in Portugal in 1976, the company ANGOL (ANGOL Sociedade de Lubrificantes e Combustivels sarl, subsidiary of Portuguese company SACOR) was nationalized and split in two, forming Sonangol U.E.E. and Direcção Nacional de Petróleos. Directive 52/76 instituted Sonangol as a state-owned company with a mandate to manage the country's substantial petroleum and natural gas.

Using the extant remains of Texaco, Fina, Shell and Mobil's oil works, Sonangol obtained the assistance of Algerian Sonatrach and of Italian Eni. Today, in 2006, Sonangol has over 30 subsidiaries and maintains overseas facilities in the following cities:

As the company grew it had a need to obtain services, such as telecommunications services, retail network support, trucking, shipping, data management, scientific, engineering, seismic, and others. The company created subsidiaries to meet these needs. Sonangol and its many subsidiaries have continued to expand, into other lines of business. Among the more important subsidiaries are Sonair, MSTelcom and two banks, Banco Africano de Investimentos and Banco do Comércio e Indústria.

Sonangol is an important sponsor of the arts, sports and humanities in Angola and in Africa.

[edit] Subsidiaries

[edit] External links

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