OPEC member Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant spending plans made at $100 oil. Half a decade after the price crash that began in 2014, Angola is now the third-biggest oil producer in Africa, behind Nigeria and even behind conflict-ridden Libya. Angola is now betting on reviving its oil industry and jumpstarting its oil-dependent economy, which has been in recession for five consecutive years. Apart from aiming to attract investments in oil, Angola is looking to sell up to 30 percent in its state oil firm Sonangol next year, after restructuring the company to create more transparency and root out corruption. The stake in Sonangol is estimated to be worth around US$6.4 billion, Sonangol board member Baltazar Miguel told Bloomberg . The partial privatization of Sonangol, as […]