Angola’s state oil company Sonangol is continuing to prepare for a potential initial public offering (IPO), even after being excluded from the latest round of companies earmarked for privatisation under the country’s Propriv programme, which runs through 2026.
Board member Baltazar Miguel told reporters at a press conference in Luanda that a significant amount of work is being done toward the IPO, including completing debt sales and establishing an investor relations office. He declined to give a specific timeline but was clear that exclusion from the current privatisation list does not mean abandonment of listing plans. “There isn’t enough time to carry out the listing within the current privatization program,” he said.
First announced for 2022, the IPO would mark a milestone in Angola’s push to improve transparency and attract foreign investment as the government seeks to reduce the state’s role in the economy, with an initial plan to sell 30% of Sonangol’s shares to domestic and international investors. Delays to fuel-subsidy reforms and the company’s ongoing restructuring and disposal of non-core assets have weighed on the timeline.
Sonangol reported that operating revenue fell 13% in 2025 to $9.1 billion as average prices for Angolan crude declined 14% to $69.09 a barrel. Preliminary net income is forecast to exceed $750 million for 2025.
Source: worldoil.com