Angola’s Sonangol Gás Natural posts profit for first time in 2011

6 July 2012

Angolan natural gas company, Sonangol Gás Natural (Sonagás) posted a net profit for the first time in 2011, of US$125 million, according to Angolan newspaper Novo Jornal.

Citing the company’s report and accounts the newspaper said that the company’s liabilities stood at US509 million at the end of 2011.

Last year an increase in sales, which totalled US$695 million, was the result of incorporating the butane gas processing and distribution business.

Operating costs totalled US$523 million, which was a rise of 16 percent on the previous year.

Sonagás, which was founded in 2004, manages Angola’s natural gas reserves, which are estimated at 11 trillion cubic feet, and is also involved in the Angola LNG (liquid natural gas) project.

Angola LNG is a consortium involving some of the world’s largest gas sector companies, including Sonagás, which owns 22.8 percent of the project and the Angolan subsidiaries of Chevron (36.4 percent), Total (13.6 percent), BP (13.6 percent) and ENI (13.6 percent).

The Soyo processing unit, some 315 kilometres north of the Angolan capital Luanda, will export its first orders of liquid natural gas (LNG) before the end of the first half of this year, and has an installed capacity to process 5.2 million tons of gas per year. (macauhub)