Sonangol: Four Dynamic Decades
The fortunes of Angola and Sonangol have been intimately entwined over the past 40 years. Since its foundation on February 25, 1976, the company has been the mainstay of the country’s economy. The oil industry that Sonangol leads so dynamically has accounted for more than 90 per cent of export earnings during the past four decades.
In the words of board president Francisco de Lemos José Maria, the founding of the company marked the beginning of the battle for Angola’s economic independence.
The income that oil sales brought into government coffers provided the means for the newly-independent nation to maintain its hard-won status and ultimately to achieve peace in April 2002.
Since then Angola has witnessed a massive expansion in development as Sonangol has accelerated its oil output, benefiting from high crude oil prices on the global market. This has transformed the lives of many Angolans, who now have greater access to healthcare, housing, schools, energy and water supplies, as well as rebuilt highways, and improved rail and air links.
A successful oil industry, under the guiding hand of Sonangol, laid the firm foundations of the country’s economy. The legacy of the company’s first four dynamic decades is a healthier, better educated Angola, enjoying all the benefits of new and improved infrastructure.
John Kolodziejski, Editor
To receive a free hard copy of Universo magazine: