Mr Dos Santos has previously said he would stand down only to change his mind.
Like Mr Dos Santos, he was a student in the former Soviet Union before going into politics.
But some accuse Mr Dos Santos of being authoritarian, staying in office for too long and failing to distribute the proceeds from the oil boom more widely.
Soren Kirk Jensen of the London-based Chatham House think tank says Mr Lourenco has a reputation as a moderate.
Last year, the president appointed his daughter Isabel dos Santos to head state-run oil firm Sonangol.
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