Nine of Angola’s ten largest exporters are from the oil sector

19 August 2016

Nine of Angola’s ten largest exporters in the first quarter of 2016 operate in the oil sector, and the biggest exporter is state oil company Sonangol, the country’s Finance Ministry said.

The statement issued by the ministry said between January and March Sonangol exported the equivalent of 125.9 billion kwanzas (US$755 million) a year on year fall of 54%, reflecting the sharp decline in the international price of oil in the first three months of 2016.

The only exception to the oil sector companies in the top ten list is state diamond company Sodiam, which is responsible for marketing Angolan diamonds, which in the first quarter exported cut gems worth 31.6 billion kwanzas, rising to second place.

The third company on the list is the Cabinda Gulf Oil Company, a subsidiary of US oil company Chevron for oil production in Cabinda, which exported 28.3 billion kwanzas, 59% less than in the first quarter of 2015.

The biggest drop among Angola’s major exporters was experienced by the subsidiary of French oil company Total, which fell to tenth place, having exported 11.9 billion kwanzas, against 83.3 billion kwanzas in the same period of 2015, a decrease of 86% and the loss of the second place it occupied in the first three months of 2015.

Sonangol Pesquisa e Produção and Sonangol Distribuidora, in addition to Esso, BP and ENI were also among Angola’s top ten exporters between January and March.

Figures released by the Organization of Petroleum Exporting Countries (OPEC) last week show that Angola is Africa’s largest oil producer. (macauhub/AO)