Chairman says Sonangol owes 2 Chinese banks US$2 bln

Sonangol Chairman Carlos Saturnino has disclosed that the Angolan state oil company owes China Development Bank and Bank of China Ltd US$2 billion altogether, Reuters reports.

The news agency quotes Mr Saturnino as telling a news conference that Sonangol’s debt shrank to about US$5 billion last year from US$14 billion in 2017, mainly because the government put US$10 billion into the company.

The chairman said his company’s profit rose to US$224 million last year from US$81 million in 2016, when oil prices were lower.

Mr Saturnino expects Angola to produce crude oil at the rate of 1.6 million barrels per day this year, having produced it at a rate of over 1.63 million bpd last year, Reuters says.