Thu, 25 Feb 2016 18:30 - Updated Thu, 25 Feb 2016 18:41
Sonangol anticipates tough economic year
Luanda - The Angola National Oil Company (Sonangol) predicts a very tough year 2016, with financial outcome and performance remaining under a big pressure.
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Sonangol building in Luanda
The information is contained in a Sonangol press note released on Thursday on the occasion of the company’s 40th anniversary, February 25.
The Angolan oil company announces that it will resume this year the cut down on costs it initiated in 2015 and make alterations to some investment projects.
On the other hand, the source also announces the discontinuation of non-nuclear assets and businesses as mitigating measures to maintain financial balance conditions and explore the necessary margin to continue to invest.
As to investments, according to the note, in 2015, despite the adverse conditions of the market, the company invested Akz 565.2 billion.
Of that amount, 82,1 percent were invested in the exploration and production segments, ercent were invested in the exploration and production segments, 7,6 in logistics and distribution, 5,1 in refining and transportation and 4,8 in nuclear businesses.
Regardind the butiness behaviour, Sonangol mentions amounts above Ud 3.0 billion.
According to estimates, the source says, the subsidiaries Sonangol Presquisa and Produção and Sonangol Gás Natural, were the most affected by the adverse market conditions.
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