Revenue from Sonangol has fallen 60% since 2013 and this year already does not deliver dividends to the State Newspaper jornal de Negócios – Portugal

The information was passed on Thursday in a press conference held at the headquarters of the state oil company of angola, in Luanda, with the president of the board of directors of Sonangol and Isabel dos Santos (pictured), explaining that since 2013 the revenues have been falling, without the operating costs accompany that break.

according To the figures now presented, the operating costs of Sonangol in 2016 are expected to amount to 11.957 million dollars (11.253 million euros), a cut of more than 17%, but taking into account the 14.443 million dollars (13.593 million) in 2015, before the current administration, appointed in June this year to implement the restructuring of the oil.

he Added that the profit of the Sonangol has also been declining since 2013, before the start of the crisis in the price of a barrel of crude oil. This year was of 3089 million dollars (2,907 shares eur million), having fallen to 1.415 million dollars (1.331 million) in 2014, and for only 389 million dollars (366 million euros) in 2015.

“In 2016, it is expected that there will be no dividends to the State shareholder”, pointed to the administration, not anticipating the forecast for net income this year.

The chairman of Sonangol said that the angolan oil company is in need of a financial restructuring and 1.569 million dollars (us $ 1.476 million euros) to meet the needs of payments until the end of the year, and the situation of the group “far more severe than the scenario initially outlined”, meaning that “management decisions as a matter of urgency”.

based on the first conclusions of the evaluation of the management of Sonangol and Isabel dos Santos said that the “sharp reduction in revenue” through the sale of oil, “was not” accompanied ” by the required “review of the investment strategy of the group, as in the areas of real estate and health.

“it Is clear that the current challenges stem not only from the fall in the price of oil, but, fundamentally, from a policy and management practices as questionable, which put Sonangol on a financial situation and operating poor,” said the administration.

it Emphasised the aim of “priority” of the “inversion of the less positive findings” and “access to new sources of financing and the long-term sustainability of the company” back to “source of wealth” for the country.

“All efforts are now concentrated on the restructuring of the company, to proceed after the company transformation, aligned with the new Model of the Angolan Oil Sector,” he said.

Isabel dos Santos announced to be on course, a program of pre-reforms, advancing still to the resolution of the situation of the more than 1,100 employees who are not working, which cost annually to Sonangol us $ 40 million (37 million euros).

To cut costs, Sonangol will hang investments, being the “re-evaluate” all of the previous projects, “form a careful and thoughtful”. In particular, the construction of the refinery in Lobito station and the storage of fuels in Barra do Dande, they are “suspended” to “a reevaluation of the strategic vision and economic viability.”