Angola’s Sonangol Plans Diversification into Critical Minerals Following 2025 Profit Decline
Sonangol, Angola’s state-owned oil giant, announced on Wednesday plans to diversify into critical minerals, even as it reported a slight decline in net profit for 2025.
Executives revealed that Sonangol posted net earnings of over $750 million in 2025, down from roughly 736 billion kwanzas in 2024 equivalent to about $807 million at current exchange rates.
The conglomerate, which holds stakes in multiple offshore oil and gas blocks, operates refineries and a fleet of shipping vessels.
In addition, it holds seven concessions for exploring uranium, lithium and quartz, according to Chief Executive Sebastiao Gaspar Martins.
“Sonangol wants to diversify into critical minerals essential for the energy transition. It is important for us to have a presence in the development of these minerals,” Gaspar Martins told reporters.
The Angolan government has previously indicated plans to sell a 30% stake in Sonangol, a pillar of the national economy, though the timeline for the sale remains uncertain.
Gaspar Martins noted that conditions are not yet favorable, as the government moves forward with plans to privatize stakes in 10 other state-owned companies this year.
Sonangol reported average oil and gas production of 217,000 barrels of oil equivalent per day in 2025.
As Sub-Saharan Africa’s second-largest crude oil producer, Angola has overhauled its regulatory framework to attract international investment, drawing major players such as TotalEnergies, Chevron, Shell, and Azule Energy to its oil and gas sector.
Sonangol’s strategic move into critical minerals signals an effort to position itself for the energy transition while maintaining a central role in Angola’s economy.
