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Angola elects its first new president in 38 years
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Angolans went to the polls on 23 August 2017. President Jose Eduardo dos Santos will step down after a 38-year reign. His intended successor from the ruling MPLA party, former Defence Minister, Joao Lourenco, inherits a country beset by economic and financial problems, at the heart of which is the country's oil industry and its NOC, Sonangol. As a high cost, predominantly deepwater province, Angola has been hit hard by the slump in oil price. Restarting investment in Angola's upstream sector will be high on the new President's in-tray. However, with tough fiscal terms and Sonangol's reputation for bureaucracy, this will be challenging.
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