Angola’s state owned oil company, Sonangol, has taken key steps towards its planned initial public offering (IPO), as part of efforts to boost investment and strengthen its presence in the global energy market.
The company is expected to offer up to 30% of its shares to the public, marking a major shift in how national oil companies operate across Africa.
This move comes as Angola continues to push for economic diversification and attract foreign capital into its oil and gas sector, which remains the backbone of the country’s economy.
Sonangol’s IPO plan is part of a wider reform strategy aimed at improving efficiency, transparency and competitiveness within the industry.
Speaking recently in Luanda, Sonangol CEO Sebastião Gaspar Martins stated that the company is currently preparing for the listing process, with internal restructuring efforts already underway.
He said the IPO would help the company raise funds for key exploration and production projects, especially as Angola looks to maximize output from its mature fields and unlock new reserves.
Martins explained that Sonangol’s partial privatization would open the company to more scrutiny and allow it to operate with increased flexibility.
“The IPO is part of our broader plan to make Sonangol more competitive and accountable, while creating room for private sector participation in the oil sector,” he said.
He added that the process will involve identifying which parts of the company to list and ensuring compliance with both national and international regulations for public offerings.
Sonangol’s planned listing reflects a broader initiative by the Angolan government to reform state owned enterprises and reduce their financial burden on the national budget.
Over the past few years, the government has taken steps to restructure Sonangol, including divesting non core assets and separating regulatory functions from commercial operations.
Industry analysts suggest that Sonangol’s IPO, once completed, could serve as a model for other African oil producers looking to modernize their national oil companies.
If successful, it may also signal to global investors that Angola is serious about creating a more transparent and investor friendly environment.
