Ver Angola


Sonangol saved 1400 million dollars with restructuring program in 2020

Sonangol saved US $ 1441 million with the company's restructuring program in 2020, having been decisive in reducing costs by reducing fuel imports.


The results were presented Friday at a press conference, serving the occasion to also mark the 45th anniversary of the state oil company.

In the presentation of preliminary data on Sonangol's operational and financial performance in 2020, the Chairman of the Board of Directors, Sebastião Gaspar Martins, also indicated that operating results (EBITDA) reached $ 1,971 million, almost 60 percent below 2019, while operating income decreased to $ 5982 million (-42.2 percent).

The reductions are the result of the drop in the price of crude oil due to the covid-19 pandemic, justified Gaspar Martins, which was also reflected in internal needs: "We imported much less than in 2019".

Gaspar Martins said that Sonangol is preparing a tender for the import of fuels from June 2021, to supply the domestic market.

In addition to the reduction in fuel imports (66 percent), structural costs (14 percent), mining activity costs (12 percent) and personnel costs (9 percent) will also contribute to financial sanitation, as well as the closure of contingencies with the State.

Regarding the two tenders related to the Barra do Dande terminal, a responsible person from Sonangol said that 38 entities had expressed interest in the first tender (contracting engineering services, procurement, construction and commissioning - EPCC - and financing). 10 are competing, while 13 companies were invited to participate in the inspection contest, of which six accepted the invitation, and the proposals are expected to be received by mid-April.