How 'princess' of Angola lost her oil crown

Angola's new president Joao Lourenco waves after being sworn in as the country's first new leader in 38 years in Luanda, Angola, September 26, 2017. REUTERS/Stephen Eisenhammer

LUANDA/LONDON (Reuters) - On Oct. 6, with the dust still settling on Angola's first change of power in 38 years, new President Joمo Lourenço sat down with international oil majors at the presidential palace in Luanda.

The top executives in Angola of Chevron , Total , BP , Eni and Exxon said the oil sector was being devastated by delays in project approvals at Sonangol and a backlog of payments owed by the state oil company, according to four oil industry sources with knowledge of the meeting.