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National Oil Company saves USD 281 million on refined oil imports

Luanda – National Oil Company (Sonangol) saved US$281 million in the import of refined products in the fourth quarter of 2022 by reducing its purchases of diesel and gasoline abroad.

In 4th quarter 2022, the company imported 701,000 metric tons of refined products, a decrease of 174,000 metric tons (MT), compared to 3rd quarter.

Sonangol spent US$717 million on imported refined products, or US$281 million less than in the previous quarter, according to figures from the chairman of the Executive Committee of the Trading and Shipping Business Unit, Luís Manuel.

Also in the same period, 201,000 metric tons of refined products were exported, including LPG (natural gas), which resulted in a gross value of US$117 million.

Compared to the 3rd quarter of 2022, 82.000 metric tons less were exported, which negatively influenced the gross revenue, by less USD 72 million.

The firm also sold 35.4 million barrels of crude oil in the fourth quarter of 2022, a drop of 6 million barrels versus the previous period, which resulted in gross revenues of US$3.76 billion.

In relation to the gross volume registered in terms of revenues, the national oil company earned less than US$1 billion due to the reduction in the quantity of crude oil exported.

Daily sales also fell by 66,000 barrels of oil per day (BPD).

Of the sales made, the National Oil and Gas Agency (ANPG) accounted for 20.7 million barrels and Sonangol for 14.6 million barrels.

Compared to the volumes sold by ANPG and Sonangol, in the third quarter, the National Concessionaire registered a reduction of 6 million barrels, whilst the national oil company saw an increase of 339,000 barrels.

Source: Angola Press News Agency