Legal Market Overview
President of Angola João Lourenço has continued to fight against corruption, taking steps which have strengthened foreign investor confidence in the southern African country. The latest step to attract foreign investment – and boost private sector development – is the government’s sweeping privatisation plans. In a dramatic move, it announced that it would be spinning off 195 state companies by 2022.
Sonangol – Angola’s state-owned oil company – has found itself in the spotlight amidst news of the privatisation programme. In 2019, it announced plans to divest 52 joint venture companies and reduce staff as it focuses on its core business. Other significant news came in December, when it signed an agreement with Total for the latter’s acquisition of interests in two offshore oil blocks in the Kwanza Basin.
Angola’s active legal market is served by a number of local firms which cooperate with Portuguese firms. Key players include PLMJ, which collaborates with BCSA – Advogados in Luanda, and VdA and its associated local firm ASP Advogados. LEAD ADVOGADOS is a newer entrant to the market – established in 2017 – but has quickly established a strong reputation for large transactions.