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| Angola state oil company: profits of $2.4 billion |
| Luanda, 04.03.2010 |
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| On Thursday March 4, 2010, 3:15 am EST
LUANDA, Angola (AP) -- Angola's state oil company, Sonangol, is reporting a net profit of $2.4 billion from operations last year.
The company's chair of the board of directors, Manuel Vicente, made the announcement at a press conference in Luanda on Wednesday.
"Despite the international financial and economic crisis, its impacts and effects on operational and financial activity, Sonangol maintains its financial strength based on the profits, which are more than two billion dollars," Vicente said.
Sonangol had an output of 684,000 barrels per day, and last year surpassed Congo as sub-Saharan Africa's main oil producer. Congo's oil production has been crippled by an armed insurgency in the country's oil-rich Niger Delta.
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