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Report and Consolidated 2017 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2017 SUMMARY OF GENERAL INDEX 1 LETTER TO THE SHAREHOLDERS .......................................................................................................................................4 2 SONANGOL E.P. ...................................................................................................................................................................8 2.1 BUSINESS MODEL OF SONANGOL, E.P. .......................................................................................................................10 2.2 CORPORATE BODIES .....................................................................................................................................................14 3 PERFORMANCE SUMMARY ...............................................................................................................................................18 3.1 EXECUTIVE SUMMARY ..................................................................................................................................................20 3.2 OPERATING PERFORMANCE – EBITDA ........................................................................................................................21 3.3 OPERATING PERFORMANCE – NET INCOME ................................................................................................................22 3.4 INVESTMENTS ..............................................................................................................................................................22 4 PERFORMANCE BY BUSINESS SECTOR .............................................................................................................................24 00 4.1 CONCESSIONAIRE.........................................................................................................................................................26 4.1.1 EXPLORATION ......................................................................................................................................................27 SUMMARY OF 4.1.2 CRUDE OIL & GAS PRODUCTION ..........................................................................................................................30 4.1.3 ECONOMIC MANAGEMENT OF CONCESSIONS ....................................................................................................39 GENERAL INDEX 4.1.4 CONCESSIONAIRE EXPORTS ................................................................................................................................40 4.2 PRIMARY VALUE CHAIN – UPSTREAM SEGMENT ........................................................................................................42 4.2.1 PRODUCTION OF CRUDE OIL OF SONANGOL INVESTIDORA................................................................................42 4.2.2 GAS PRODUCTION OF SONANGOL E.P. ................................................................................................................43 4.3 PRIMARY VALUE CHAIN – MIDSTREAM SEGMENT .......................................................................................................44 4.3.1 REFINING BUSINESS ...........................................................................................................................................44 4.3.2 CRUDE OIL, REFINED AND GAS TRANSPORTATION BUSINESS ..........................................................................47 4.4 PRIMARY CHAIN – DOWNSTREAM SEGMENT ..............................................................................................................48 4.4.1 LOGISTICS BUSINESS ..........................................................................................................................................49 4.4.2 DISTRIBUTION BUSINESS ....................................................................................................................................51 4.4.3 INTERNATIONAL SALES .......................................................................................................................................53 4.5 NON-NUCLEAR BUSINESS ...........................................................................................................................................57 4.5.1 AVIATION - SONAIR ..............................................................................................................................................57 4.5.2 TELECOMMUNICATIONS – MSTELCOM ................................................................................................................58 4.5.3 HEALTH – CLÍNICA GIRASSOL .............................................................................................................................59 4.5.4 REAL ESTATE MANAGEMENT – SONIP ................................................................................................................60 4.5.5 TRAINING – ACADEMIA SONANGOL .....................................................................................................................61 4.6 CORPORATE & FINANCING ...........................................................................................................................................62 4.6.1 FUNDING ..............................................................................................................................................................62 4.6.2 HUMAN RESOURCES ............................................................................................................................................62 4.6.3 ORGANIZATION AND CORPORATE PROCESSES ..................................................................................................64 5 COMMITMENT TO SOCIETY ................................................................................................................................................66 6 PROSPECTS FOR THE FUTURE ..........................................................................................................................................70 6.1NEW PRODUCTION ........................................................................................................................................................72 6.2 REFINERY .....................................................................................................................................................................73 6.3 TRANSFORMATION PROGRAM .....................................................................................................................................73 7 PROPOSAL FOR THE APPLICATION OF THE RESULTS .......................................................................................................74 7.1 RESULTS AND APPLICATION PROPOSAL .....................................................................................................................76 8 ACRONYMS AND ABBREVIATIONS .....................................................................................................................................78 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2017 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2017 01 LETTER TO THE SHAREHOLDERS MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2017 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2017 6 7 01 LETTER TO THE SHAREHOLDERS 2017 was very favourable to into an integrated and efficient We held the public tender for and suppliers, who have contri- Sonangol, E.P. and its subsi- National Oil Company, focused the selection of investors for the buted a lot to the strengthening diaries, since the international on the primary value chain and construction of a large refi- of the company. market recovered from the initiate efforts to increase the nery in the city of Lobito and a sharp decline of previous years domestic production capacity of small refinery in the province of We began a new cycle in which as a result of the improvement oil derivative products. Cabinda. we will focus on the realign- in the foundations of demand ment of the company in its core and supply of crude oil, alongsi- Since then, significant steps The foundations for the restruc- business, achieving greater ef- de with the economic growth in were taken by the current turing of Sonangol have been ficiency and effectiveness of or- the world economy. Board of Directors to re-launch laid, through a Regeneration ganizational performance, with the image of Sonangol as the Program. This extensive and the contribution and recognition Crude oil production in Ango- National Concessionaire and comprehensive program inclu- of all employees. To do this, la amounted to 595,810,124 a trustworthy oil company and des the analysis and evalua- we must be humble, dedicated barrels, the equivalent to a daily to re-launch exploration and tion of the oil exploration and and have discipline, serious- average of 1,632,357 barrels. production of crude oil and na- production business, the crude ness, protection of information, Compared to the previous tural gas, approaching the main oil refining, the liquefied natural knowledge, ability, flexibility, year, the volume of production players in the sector. gas business and the liquefied teamwork, rigor in analysis and decreased 5%. This decrease petroleum gas, fuel logistics, weighting in decision-making is explained by the operational We actively participate in the distribution and supply of oil and firmness to understand all constraints in the main pro- task forces to discuss the derivatives, business continuity, the players of the hydrocarbon duction blocks, by the decrea- fundamental issues
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