africa Angola Economy Energy import Natural Resources oil Trade

Angola could hold tenders for all fuel imports next year

Sonangol, Angola’s state-controlled oil company, said on Monday it could hold tenders for all fuel imports next year to cut costs, the Financial Times reported.

A move could hurt Swiss commodities trading company Trafigura, which has been the largest supplier of fuel to Angola for more than a decade.

Isabel Santos, chair of Sonangol, told the Financial Times the company planned to overhaul the way it buys petrol, diesel and cooking gas.

Trafigura cashed in on Angola’s growing fuel demands after the civil war in the country ended in 2002.

Trafigura reported a 13 percent drop in 2016 core earnings due to weak prices and the writedown of assets in Colombia and Brazil, and warned of more challenging trading conditions ahead.

Trafigura said it had no comment on the Financial Times story.

Source: Hydrocarbon Processing


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