Angola seeks to rebuild oil industry

The African country hopes that a major pipeline, refinery developments and upstream reforms will help revive its stagnant oil industry

Angola is betting that a $5bn pipeline deal with neighbouring Zambia will mark a reversal in its fortunes, as the Opec producer struggles to recover from a five-year slump in output. Besides building a clutch of new refineries, Africa’s former top producer has found fresh hope in offshore drilling, is opening up new onshore acreage and is preparing state-owned Sonangol for a partial sale next year. Angola is looking to the gasoline-hungry regional market, while the World Bank predicts growth across southern Africa to recover to 2.7pc in 2021. The cross-border project with Zambia also forms part of a broader energy plan by the reformist government of President Lourenço to encourage foreign in