Sonangol to list shares on Johannesburg and New York stock exchanges in 2010

26 February 2007

Luanda, Angola, 26 Feb – Angolan state oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol) may be listed on the Johannesburg and New York stock exchanges in 2010, the company’s chairman, Manuel Vicente said in Luanda Friday.

Vicente, who was speaking at a press conference as part of the company’s 31st anniversary, said that, “Sonangol has never been as well as it is today, from a financial point of view.”

Vicente said that Sonangol’s 2006 results, of preliminary net profit of some US$1 billion, had been “positive”.

According to the chairman, average daily crude oil production last year totaled 1.4 million barrels, 40 percent of which was Sonangol’s quota.

He added that Angola expected to reach the mark of 2 million barrels per day at the end of this year, thus equalling Nigeria’s production, which is currently sub-Saharan Africa’s largest oil producer.

In terms of oil refining, Vicente said that the Luanda refinery would be controled by Sonangol as of the second half of the year, after acquiring the stake owned by France’s total in the project.

Built in the 1950s, the Luanda refinery processes just 37,000 barrels of oil per day, which has led Angola to spend US$800 million on importing 70 percent of the fuel it needs to satisfy internal demand.

The solution to this situation is the construction of the Lobito refinery (Sonaref), which according to Vicente, is a product that will be exclusively developed by Sonangol and will be launched be the end of the year.

The Lobito refinery is designed to process 200,000 barrels of oil per day and will be built some 30 kilometers north of the city of Lobito, in an area covering 1,000 hectares, and will cost an estimated US$4 billion. (macauhub)