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Fri, 24 Feb 2012 17:29 - Updated Fri, 24 Feb 2012 17:29

Crude oil earns country Usd 33.7 billion


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Luanda – The State-run Angolan Oil Company (Sonangol EP) announced Friday in Luanda it sold crude oil worth Usd 33.7 billion last year, whereas the sale of derivatives of the product yielded the country Usd 2.8 billion.

The announcement was made by Sonangol CEO, Francisco de Lemos Maria, during a press conference to mark the company’s 36th anniversary.

The official said that in 2011, the company got from the Angolan State Usd 7.1 billion worth of fuels prices subsidies.

Francisco Maria said in the same year the country imported refined oil estimated at Usd 3.3 billion, which is an increase of about 52 percent as compared with the year 2010.

Sonangol EP reached Usd 5.2 billion from the sale of goods and services, while its Research and Production branch attained revenues of 1.7 billion. The sale of butane gas attracted Usd 128 million, the source also said.

According to the official, excluding taxes, the company recorded revenues of Usd 4.9 billion, with preliminary net profits of Usd 3.3 billion until February this year, against 2.5 billion of 2010.