Sonangol
| Sonangol EP
|
|
|---|---|
 |
|
| legal form | Empresa Pública ( state company ) |
| founding | 1976 |
| Seat | Luanda , Angola |
| management | Carlos Saturnino , Chairman |
| Number of employees | 10,000 |
| sales | EUR 23.53 billion (2011) |
| Branch | Petroleum , natural gas |
| Website | www.sonangol.co.ao (Portuguese, English) |
Sonangol EP ( Sociedade Nacional de Combustíveis de Angola ) is the state-owned mineral oil company of Angola . Sonangol is primarily engaged in managing all of the country's oil and gas reserves and is considered a government funding tool. It is estimated that Angola has nine and a half billion barrels of oil (January 2010) in its offshore areas along the Atlantic coast , with around five times more new deposits being discovered than can be exploited. Angola is the eighth largest oil producer in the world and the largest in Africa.
history
In 1953, the Portuguese SACOR group founded ANGOL in what was then the Portuguese colony of Angola, for the oil products, liquid gas and fuel sectors. After Angola's independence in 1975, the company was nationalized in 1976 and renamed SONANGOL.
In August 2007, Nigeria had to cede its top position among the oil countries of the black continent to Angola.
The head office is Edifício Sonangol on Rua Rainha Ginga, a 22-story, 95.50 meter high, modern high-rise in Luanda, which was completed in 2008 and is also the tallest building in the country.
The London- based watchdog group Global Witness announced on December 2, 2010 that Angola had significant gaps in its 2008 oil bills. They run into billions of dollars and millions of barrels of oil.
From the beginning, Sonangol was consistently developed and used as an instrument of the state in Angola. For this reason, politicians create favorable preconditions for lasting business success for the company.
structure
The Sonangol Group has numerous subsidiaries that are owned by Sonangol, including China Sonangol , an Angolan-Chinese joint venture . The subsidiaries mostly offer a service that is primarily requested by Sonangol, but is also available to other paying customers. These include transport, logistics, refining, mechanical engineering and telecommunications companies as well as banks.
German banks have played an important role in funding the state-owned Sonangol in recent years, and this would have been difficult without German support. In particular, Commerzbank and Deutsche Bank arrange loans for Sonangol. Oil is the number one source of foreign exchange for Angola. Oil accounts for more than 90 percent of exports and more than 80 percent of the state budget. Sonangol now acts as a kind of financial instrument for the Angolan government. But according to Transparency International , Angola is one of the most corrupt countries in the world.
Corporate goals
Sonangol is also increasingly entering the Portuguese and thus the European market. The state-owned oil company bought into the Portuguese commercial bank BCP and wanted to increase its stake in the financial institution from 10 to 20 percent in 2007. The group has a 45 percent stake in Amorim Energia through Esperanza Holding , together with entrepreneur Isabel dos Santos . The company of the Portuguese cork king Américo Amorim not only controls 67% of the international cork market, but also, via Amorim Energia, 33.34% of the shares in the Portuguese oil and gas group Galp .
Sonangol planned to go public in Johannesburg , New York or Luanda in 2010 . In May 2008 Sonangol boss Manuel Domingos Vicente announced that Sonangol and the Angolan bank Banco Português do Atlantico (BPA) had negotiated with the Portuguese bank BCP the takeover of 49.9% of the shares of the BCP bank Millennium Angola, which operates in Angola . The oil company is planning further investments in the branches of other Portuguese banks in Angola such as Banco Espírito Santo (BES), Banco Português de Investimento (BPI) and Caixa Geral de Depósitos (CGD). Angola has also expressed interest in investing in Portuguese telecom , the national electricity supplier Energias de Portugal and the pulp and paper company Portucel Soporcel .
Numerous corporate investments in Portugal are also held by Isabel dos Santos and her affiliates. At the beginning of March 2011 it was announced that Sonangol is aiming for a direct investment in the Portuguese Galp Energia.
Missing oil billions
The New York non-governmental organization Human Rights Watch has called on 20 December 2011, the government of Angola to provide information about where € 25 billion are left that are missing in connection with Sonangol in the state treasury.
In June 2016, Isabel dos Santos was appointed chairwoman of the company by President José Eduardo dos Santos, who is also her father. In addition, an investigation has been launched into where the missing $ 50 billion has gone.
Web links
- Website Sonangol
- Website China Sonangol International Holding Limited
- The Greens website, February 2008
- Africa info from October 2008
- Analysis of the USEnergy Information Administration, January 2010
- Luanda Skyscraper Diagram
- Oil Production Angola (historical data )
Individual evidence
- ↑ Africa's richest woman fired faz.net, November 15, 2017
- ↑ sonangol.co.ao ( Memento of the original from April 7, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (Portuguese)
- ↑ History of SONANGOL. ( Memento of February 23, 2014 in the Internet Archive ) angolaacontece.com; accessed on February 5, 2014
- ↑ Angola's oil accounts show 8.6 billion US dollars discrepancy in 2008 (English)
- ^ Gaps in Angola's official oil revenue data undermine transparency, new report finds . globalwitness.org (English)
- ^ Ricardo Soares de Oliveira: Business success Angola-style: Post-colonial politics and the rise of Sonangol . In: Journal of Modern African Studies , 45 (4), 2007, pp. 595–619
- ↑ Sonangol boss Manuel Vicente wants direct access to Galp ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. February 25, 2011 (Portuguese)
- ↑ Angolanos ameaçam vetar na Petrobras Galp . Jornal de Negocios, January 8, 2011 (Portuguese)
- ↑ Link between the Angolan President's son-in-law and the state oil company raises questions about transparency. Global witness, March 15, 2010 (English)
- ↑ Angola's Sonangol increases transparency . af.reuters.com, May 17, 2010 (English)
- ↑ Angola's Sonangol seeks direct participation in Galp Energia . Reuters, March 3, 2011 (English)
- ^ Angola: Explain Missing Government Funds . Human Rights Watch, accessed December 21, 2011
- ^ Angolan State Oil Producer Uncovers $ 50 Billion Hole, Valor Says . bloomberg.com (English) accessed June 7, 2016
