Africa Oil & Gas: Sonangol reports US$17.7Bi in 2018 revenues

The turnover of the Sonangol Group in 2018 reached US$17.7 billion, according to Carlos Saturnino, the chairman of the board of the Angolan state oil company, speaking in Luanda.

The chairman of the group, who spoke at a press conference to mark the 43rd anniversary of Sonangol, said that revenues of US$8.9 billion came from the company’s role as concessionaire of the oil sector and the remainder from group companies and its subsidiaries.

Saturnino said that in 2018 the company adopted a policy of cost reduction and saved US$1.483 billion, of which US$1 billion in Blocks 20 and 21, US$391.5 million in the Drilling Ship, US$14 million in Odebrecht and US$20 million in the KCDA company.

Although the company achieved positive results last year, there were very negative impacts on logistics, according to the managers, due to the depreciation of the kwanza against the dollar, high fuel import costs and lack of liquidity of companies.

Saturnino also noted that the group is involved in a process of divesting subsidiaries and holdings in some companies. (macauhub)

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