Solenova, a joint venture equally owned by Eni and Sonangol for the development of renewable energy projects, has laid the first stone of what will be Angola’s first photovoltaic power plant in Caraculo, in the province of Namibe.
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Angola May Privatize State-Owned Oil Firm To Boost Production By Tsvetana Paraskova - Apr 21, 2021, 2:00 PM CDT
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.