Angola: US$ 7.6 Billion Spawns from Crude Oil Sale

By Abdul Rahman Suagibu –

NEW AFRICA DAILY NEWS, Freetown, Sierra Leone- ANGOLA  4^th quarter of last year, sold in crude oil worth US $ 7.6 billion, arising from the export of 117 million barrels, belonging to Sonangol and the international companies operating in the country. In the 3rd quarter of the same year, (June to September), 116.4 million barrels of oil were sold at an conventional price of US $ 62.8 per barrel, while in the previous period (2nd quarter) there was a decrease; as around 121.8 million barrels were exported, that enabled it to collect US 8.5 billion.

Of the production in the fourth quarter of 2019, about 39% equivalents to a share of Sonangol and the national concessionaire, with the main destinations being China with 72% followed by Spain with 6% and India with 5%.

The National Director of Commercialization of the Ministry of Mineral Resources and Petroleum, Gaspar Sermão, in a meeting on January, 28^th 2020 to present the balance sheet of the 4th quarter of oil production in 2019, states that, Sonangol and its partners exported around 478 million barrels, at an average price of US $65 per barrel, which led in the valued gross sale of US $31.2 billion.

The chairman of the executive committee of Sonangol Comercialização Internacional (SONACI) – Luís Manuel noted that, during 2019 the public company traded about 172 million barrels and collected gross revenue of US $11.3 billion. He equally stated that, the first quarter of 2019 was the period with the highest sales of crude, reaching 45 million barrels; the lowest being the third quarter, accounting for 38 million barrels.

For New Africa Daily News Abdul Rahman Suagibu Reports,  Africa Correspondent

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