africa Angola commodities Economy Finance Government oil Tax

Angola Sonangol owes US$1.3B to State

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At least USD 45 million is paid monthly to the Angolan State, by the National Fuel Company of Angola (Sonangol E.P), within the company’s debt, in taxes, estimated at USD 1.3 billion.

The data was advanced at a press conference on Wednesday by the chairperson of the Angolan oil company, Carlos Saturnino, who said that in 2017 it had paid all arrears related to labor income taxes and other fiscal expenses.

In 2016, Sonangol’s debt was USD 9.8 billion (including payments to suppliers and taxes), but reduced in 2017 to USD 4.8 million, as a result of the availability injected by the State.

The new board of oil company, led by Carlos Saturnino, appointed in November 2017 by the President of the Republic, João Lourenço, found the company with serious management weaknesses.

The previous administration of Isabel dos Santos, according to Carlos Saturnino, engaged in practices “not recommended by modern management manuals, when making contracts that benefited companies and board members, generating a conflict of interest.”

Source: Angop

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