Angola: Sonangol to maintain projected investments

26 February 2009

Luanda, Angola, 26 Feb – Sonangol plans to continue with its investments in the petrochemical industry, increase its storage capacity and sales of oil derivatives in the country, the company’s chairman said in Luanda Wednesday.

Manuel Vicente, who was speaking at a press conference to mark the 33rd anniversary of Sonangol, said that the company had posted gross profits of some US$2.9 billion in 2008, which was a rise of 30 percent against 2007.

In terms of foreign business, Vicente said that the company aimed to expand beyond banking, and could increase its 10 percent stake in Portuguese bank Millenium Bcp, as well as boosting its investments in the Portuguese real estate sector.

Despite the World Financial, Vicente noted that Sonangol still had the financial capacity to continue with the investments it had planned, including construction of the Lobito oil refinery, in Benguela province, and liquid gas in Soyo, in Zaire province.

Created on 25th February 1976, Sociedade Nacional de Combustíveis de Angola (Sonangol) is responsible for implementing the hydrocarbon exploration and production process in Angolan and is responsible to the country’s Oil Ministry. (macauhub)