Oil Nationalization

The first major act of the new Angolan government was to nationalize Angol and create Sonangol in 1976. Representing the interests of the country as a whole, the new firm was granted a monopoly on all oil concessions as of August 26, 1978. In 1982, Companhia de Petróleos de Angola SARL changed its name to become Fina Petróleos de Angola SARL.