Angop - Agência de Notícias Angola Press

ENI provides technical and financial assistance to Sonangol

Wed, 13 Jun 2018 17:37 - Economy

Luanda - Italian oil company ENI Angola will provide technical and financial assistance services to the Angolan national fuel company - Sonangol, in a period of 30 to 36 months, announced today the chairperson of the Board of Directors, Carlos Saturnino.

  • Chairperson of Board of Directors of Sonangol, Carlos Saturnino (right) and his ENI counterpart, António Vellas

This technical and financial provision that ENI Angola will provide to Sonangol results from an agreement signed today, valued at approximately US$ 200 million, according to the CEO Carlos Saturnino.

The pact, in which the signatory of ENI Angola was its counterpart Antonio Vella, provides for two parts, one in the amount of 60 million and another of 120 million US dollars.

The first part is related to the planning, organization of the shutdown for general maintenance of the Luanda refinery, elaboration and development of an economic and operational model for it, in order to improve all operational work area and its sustainability.

Secondly, it has to do with the installation of a new unit that will allow a substantial increase in the production of gasoline and amounts could be involved up to USD 120 million.

In total, as the manager Carlos Saturnino said, the agreement can reach up to USD 200 million, which will be financed by ENI Angola, and Sonangol will reimburse it on advantageous terms, since it will only do so after 12 months of the implementation of the beginning of the implementation of the contract, according to the agreement.