Fri, 28 Feb 2020 13:07 - Updated Fri, 28 Feb 2020 13:07
Sonangol net debt with 53% fluctuation
Luanda - Sonangol registered in 2019 a net debt of over USD 1.2 billion, a value way below the USD 2.6 billion of 2018, which represents a variety of 53% of debt clearance possibility, according to the press report released last Thursday.
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Sebastião Martins, C.E.O of Sonangol
Photo: Clemente dos Santos
Speaking at a press conference held in the ambit of the 44th anniversary of the oil company, the C.E.O of Sonangol, Sebastião Martins, stated that the net debt is now under control, considering the production levels of the national oil company.
He said that in 2018 the debt was 1.9 billion, but with funds requests it went to 2.2 billion. But at the end of 2019 it dropped to USD 755 million.
To cover fuel imports, the debt reached USD 1.5 billion in early 2018, but the payments made allowed the final balance to be USD 1.3 billion.
He explained that the financial debt of about USD 5 billion is controllable, justifying that it is related with the recent funding resource of around USD 2 billion.
Sonangol has reduced 5% of its operation al expenses, a situation that allowed it to achieve positive earnings before interest, tax, depreciation and amortization (EBITDA) of around USD 5.4 billion.
Sonangol invests in IT security
At the aforementioned press conference, the administration announced that Sonangol has invested two million dollars, last year, to improve its computerised system and information technologies.
The maturity level of computer systems has a maximum ceiling of 5, but that of the oil company was only 1.5, which is why it suffered an attack on the computer system on June 5, 2019.
As a consequence, information from the billing system disappeared, which forced the company to develop a job to raise the maturity level of the computer system, from 1.5 to 2.5, although Sonangol's goal is level 4.
The control of access to the network, leakage of information and the violation of the security policies of the installations, are the risks that the national oil company still faces.
- 28/02/2020 09:49:03
Luanda - The state-owned oil company Sonangol will begin in April this year the privatization of eleven of the 54 assets it owns in whole or in part, a process that is in an advanced stage of preparation, its C.E.O Sebastião Martins announced last Thursday, in Luanda.
- 27/02/2020 19:11:03
Luanda - Sonangol intends by 2027 to be a reference company in the African continent and to hold 10 percent of the national production, going from the current 27,000 to 120,000 barrels per day, said its chairman, Sebastião Martins.
- 27/02/2020 08:40:43
Luanda - The second edition of the conference and exhibition dubbed “Angola Oil & Gas/2020 (AOG)”, an event that is scheduled to happen on 16-17 June this year, in Luanda, is aimed at promoting new investments in the Angolan industry, ANGOP has learnt.