Luanda, Feb. 25, 2025 (Lusa) - Angolan state oil company Sonangol last year generated turnover of $10.5 billion (around €10 billion), according to provisional results released on Tuesday that show the impact of lower oil prices.

Sonangol, which presented its annual balance sheet on Tuesday, said that the year 2024 was marked by "numerous challenges" -  especially the "instability in the geopolitical environment and the consequent impact on market behaviour, with a reduction in the price of oil for the crude oil sold by Sonangol."

The average price per barrel last year was $80.09, down from $82.04 in 2023.

The company stressed in a statement that, even so, its business performed "solidly and steadily" with a turnover of $10.5 billion and an EBITDA (earnings before interest, taxes, depreciation and amortisation) of $3.4 billion (€3.3 billion), which it said reflected its "ability to generate profit in a scenario of market volatility."

In 2023, Sonangol had recorded turnover of 7,872,965 million kwanzas, equivalent to around $11.4 billion at the exchange rate at the time, and a consolidated EBITDA of 2,513,653 million kwanzas, equivalent to $3.7 million.

The oil company said in its news release on Tuesday that it had invested $2.4 billion (€2.28 billion) in line with its strategic objectives and produced 201,000 barrels of oil per day.

Sonangol remains the largest investor in oil concessions in Angola, with a strategic presence in 35 oil concessions, nine of which it operates directly.

Sonangol also highlights the completion of the Barra do Dande Ocean Terminal (TOBD), "a fundamental project for the country's energy security, guaranteeing strategic fuel reserves and contributing to its self-sufficiency.

RCR/ARO // ARO.

Lusa