Revenues fall sharply at Angolan oil company Sonangol

19 October 2015

Revenues at Angolan oil company Sonangol fell by 44 percent year on year to 82.2 billion kwanzas (US$604 million), according to a report from the Ministry of Finance.

In September 2014, at the beginning of the international oil price fall and which even caused a sharp devaluation of the Angolan currency against the dollar, oil exports accounted for income of 147.1 billion kwanzas (US$1.082 billion at the current exchange rate).

The Head of State’s annual State of the Nation speech – read by Vice President Manuel Vicente – announced a restructuring of Sonangol.

“The government has created an Evaluation Commission to study the situation of Sonangol and the oil sector and propose the foundations of its restructuring and a more effective and efficient management model,” said Manuel Vicente, who was previously chairman of the state oil company.

Between January and September 2015, according to the Ministry of Finance, Sonangol’s revenues totalled 717.2 billion kwanzas (US$5.274 billion). (macauhub/AO)