Sancorp Eyes Stakes in Two Angolan Deepwater Oil Blocks and a Refinery
Dubai-based energy and commodities trading group Sancorp is in advanced negotiations to acquire minority interests in two producing deepwater oil blocks in Angola and is also seeking an equity stake in one of the country’s planned refineries.
The proposed investments form part of Sancorp’s strategy to expand beyond oil and refined-product trading into direct ownership of upstream and downstream energy assets in Africa.
Speaking on the sidelines of the Angola Oil & Gas (AOG) 2026 conference in Luanda, Sancorp Chief Executive Officer Efe Tunde-Imoyo said the company had already structured more than US$2 billion in oil and gas investments across Africa.
However, the company has not disclosed the value of the specific Angolan transactions or the size of the stakes under negotiation.
Sancorp already has commercial ties with Angola and Sonangol and operates across the energy value chain, including crude oil and refined petroleum product trading.
An investment in an Angolan refinery would complement its existing downstream business while giving the company greater exposure to the country’s domestic refining market.
The company is also positioning its Angolan expansion around the Lobito Corridor, which connects Angola with mineral-producing regions in Zambia and the Democratic Republic of Congo (DRC).
Sancorp said the corridor presents opportunities to integrate its energy and commodity trading activities across the three markets.
The proposed investments come as Angola continues efforts to attract private capital into its oil sector and expand domestic refining capacity.
If concluded, the transactions would mark a shift for Sancorp from primarily trading energy commodities in Angola to holding direct interests in the country’s oil production and refining infrastructure.
