Sonangol income halves in 2019

Sonangol income halves in 2019

Sonangol posted net income of $125 million for 2019, while EBITDA reached $4.78 billion up 10% year on year.

In the local currency, net income was posted as 45.85bn kwanza. This is down from the 79.98bn kwanza reported for 2018. The company produced 232,000 barrels per day of oil, broadly flat from 2018. Gas rose by 6% and LNG by 8%.

Refined product volumes were up 37%, driven by a restart at the Luanda refinery. Refinery throughput reached 2.4 million tonnes on the year, while the company also imported 2.9mn tonnes, up 6% from 2018.

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