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Vol 52 No 5

Published 4th March 2011


Oil state on the record

On 24 February in Luanda, Manuel Vicente, head of the highly secretive state-owned oil company Sociedade Nacional de Combustíveis de Angola and a possible successor to President José Eduardo dos Santos, announced record profits for Sonangol of over US$3 billion for 2010. This was almost 50% higher than in 2009, due to higher oil prices and production (averaging 1.75 million barrels per day).

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