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About: Political economy of oil in Angola     Goto   Sponge   NotDistinct   Permalink

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This article discusses the main players in the oil economy in Angola as well as the political economic history of oil dating back to 1955. Angola is approaching middle income status with a GDP per capita of about $4,100. Angola has the second largest oil reserves in Africa; its oil industry is highly modern and sophisticated. Sonangol, the national oil company, is the dominant player in the oil industry. Some argue that Sonangol funds the one-party state's political machine. Outside of the oil industry, the Angolan economy, particularly the private sector and financial system, is largely undeveloped and uncompetitive. Some political scientists have characterized Angola as a "successful failed state" given the country's high levels of oil wealth and low levels of human development and publi