Angola: Sonangol sets out cost-cutting programme

Issue 337 - 22 Dec 2016 | 2 minute read
Sonangol’s new board has said that a thorough investigation of the parastatal’s financial and management problems has revealed that the situation is worse than expected. With $1.6bn of debt payments due by year-end, the company has been in talks with international banks to secure financing. The company’s total debt is estimated at $9.85bn.A 1 December statement by the new board said Sonangol had failed to adjust its strategy to cope with the sharp reduction in revenue caused by the oil price crash.

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