Sonangol has saved US$1.441 billion (1.2 billion euros) with the company’s 2020 restructuring programme, and a reduction in fuel imports has been decisive in reducing costs.
The results were presented on Friday at a press conference, and also marked the 45th anniversary of the Angolan state oil company.
At 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 US$1.971 billion almost 60 percent below 2019, while operating revenues fell to US$5.982 billion (-42.2 percent).
The reductions are the result of the decline in the price of crude oil resulting from the Covid-19 pandemic, Gaspar Martins justified, which was also reflected in internal needs: “We imported much less than in 2019.”
Martins said that Sonangol was preparing a tender for fuel imports from June 2021, to supply the domestic market.
Reducing fuel imports (66 percent), structural costs (14 percent), mining activity costs (12 percent) and staff costs (9 percent), as well as closing contingencies with the State, will also contribute to the financial restructuring.
