Sonangol suspends construction of Lobito refinery and Barra do Dande terminal
The National Society of Angola Fuels (Sonangol) suspended construction of the Lobito refinery and ocean terminal of Barra do Dande to reassess the development and implementation of these projects. The new strategic vision will incorporate all the investments already made to maximize their profitability.
While acknowledging that such projects are of key importance for the country and for the company, Sonangol considers this a necessary measure, taking into account the new economic reality facing Angola. The situation, particularly the oil sector, requires a careful review its design, phasing and financing.
Sonangol takes the opportunity to ensure that, as always, it will continue to fulfill its incurred contractual obligations to date, and reiterates its commitment to make every effort to maintain the supply of sustainable fuel to the Angolan market, bearing in mind improving the efficiency and the company's cost structure.
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