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New management at the Angolan National Oil Company Sonangol has engineered a situation which now threatens the very survival of the company.Since June this year, when Angola’s President José Eduardo dos Santos installed his daughter Isabel dos Santos to chair the board, Sonangol has repeatedly failed to honour its promises to pay some US 0 million owed to the US multinational oil giant Chevron.business magazine sources within Angola say she also owns a 25 per cent stake in Unitel – one of the country’s two mobile phone networks which according to analysts is worth a minimum of a billion on its own.Professor Lewis suggested that while the Angolan government appeared to be investing some money into the country's infrastructure it was awash in cash with billion having already been documented in illicit financial flows."Africa and Russia in general, and Angola and Russia in particular, have a long-standing friendship dating back to the days when the Union of Soviet Socialist Republics (USSR) was assisting African national liberation movements in gaining independence.The USSR forged a strategic alliance with the Popular Movement for the Liberation of Angola, which remains to this day the ruling party in Angola, led by the same head figure.
At the end of the nineteenth century, the name was given to a much larger territory that was envisaged to come under Portuguese influence.
The sum relates to production costs for the lucrative Block 0 in Angola’s offshore oilfields, which is 40 percent owned by Sonangol and 39.2 percent owned by Chevron.
Sources in Houston have told Maka Angola that the US company has exhausted all options for finding an amicable solution, with no reciprocity from Isabel dos Santos’s board.
She has come a long way since then, currently sitting on the boards of several companies in Angola and Portugal and owning large stakes in wealthy corporations including a bank and a cable TV company.
Her assets include a 19.5 per cent share of Banco BPI, one of Portugal’s largest publicly traded bank worth an estimated 5 million and a 25 per cent stake in the Angola's Banco BIC worth a conservative 0 million.