Sonangol Saves $1.4 billion in 2020

The president of the board of Angola’s state-owned oil company, Sonangol, has announced a three percent increase in its workforce in 2020 as well as the saving of $1.4 billion throughout the year. Announced during its annual press conference, Sonangol presented its provisional balance sheet for the fiscal year 2020 and additionally celebrated 45 years of operation.

Sebastião Pai Querido Gaspar Martins, Chairman of the Board of Directors, Sonangol, stated that the company reduced operating costs by 60 percent compared to 2019 while operating income decreased by 42.2 percent. Additionally, Sonangol reduced fuel imports by 66 percent, structural costs by 14 percent, and personnel costs by 9 percent. According to Gasper Martins, the reductions were a direct result of the drop in crude oil prices as well as the reduction in imports by the company.

“In 2020, we imported much less than we imported in 2019, which nevertheless, allowed us to keep the market supplied,” stated Gasper Martins. “And if we look at sales, we sell 14 percent less than before.”

Additionally, Gasper Martins stated that a possible fuel price adjustment is not expected any time soon.

Join us on 15-16 June for Angola Oil & Gas 2021 conference and exhibition in Luanda, Angola.

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