Angola’s Sonangol earned US$2 billion in profits in 2009

26 February 2010

Luanda, Angola, 26 Feb – The Sociedade Nacional de Combustiveis de Angola (Sonangol) earned net profits of US$2.4 billion in 2009, company president Manuel Vicente announced in Luanda.

During the reference period sales by Angola’s state-held oil company totalled US$13.2 billion, he said.

“The results are still provisional, in the calculation phase, with efforts now concentrating on the disclosure of definitive results,” Vicente said at a Thursday press conference marking Sonangol’s 34th anniversary.

Regarding tax and national treasury obligations, he specified that the company had settled US$936 million in taxes last year and as a result of dividends for financial year 2007/2008 had paid the state nearly US$436 million.

The year 2009 was a difficult one, with many constraints and an unfavourable national and international economic situation, Vicente said.

Regarding subsidiaries, he said Sonangol continued to consolidate the role of operating company, having entered the refining business and consolidated control of the Luanda refinery and its operation. Also, some studies have been conducted with a view to improvement and modernization.

Sonangol’s figures for 2009, in terms of indicators with an average oil price of US$61.64, indicate production of 684,000 barrels per day, using an average exchange rate of 89 kwanzas per US dollar.