Angolan state-owned oil company Sonangol now wants to diversify into critical minerals, after reporting lower net profit in 2025. The company, which is the main export mechanism for the Sub-Saharan nation’s crude oil trade, made net profit of more than USD 750 million in 2025, compared with about 736 billion kwanzas in 2024, equating to about USD 807 million at current exchange rates.
Apart from having stakes in dozens of offshore oil and gas blocks, Sonangol also operates refineries and a fleet of ships. The company also has seven concessions to explore for uranium, lithium, and quartz.
According to the CEO Sebastiao Gaspar Martins, “Sonangol wants to diversify into (critical minerals essential for the) energy transition, … (It) will be very useful for us to also have a stake and a presence in the development of these minerals.”
While reports indicate the reported interest of the Angolan government in selling a 30% stake in Sonangol, there has been no clear timeline for completion of the process. Even Martins said the “conditions were not right yet,” as the Joao Manuel Goncalves Lourenco administration goes ahead with the agenda of selling stakes in 10 other state companies in 2026.
Irrespective of the developments, Sonangol is still moving ahead with plans to enter the capital markets, with company executives confirming the preparations for an initial public offering (IPO) during a press conference in the capital, Luanda, on February 25.
Internal teams have reportedly been working on the nitty-gritties of the move. In 2023, the company scheduled the IPO for 2027. Sonangol is also pursuing an organisational rejig (along with financial restructuring), including a renewed focus on its core oil operations and structural changes previously announced by the Lourenco government.
According to Sonangol’s 2024 consolidated financial report, the group’s financial debt, including short- and long-term loans, stood at about USD 4.12 billion, compared with roughly USD 3.87 billion a year earlier. Total consolidated liabilities reached nearly USD 16.6 billion during FY24.
Talking about Angola, the nation, also known as Sub-Saharan Africa’s second-biggest crude oil producer, has overhauled its regulatory environment to attract new investment from oil majors such as TotalEnergies, Chevron, Shell and Azule Energy (a joint venture between Eni and BP).