Sonangol registered in 2019 a net debt of over USD 1.2 billion, a value way below the USD 2.6 billion of 2018, which represents a variety of 53% of debt clearance possibility, according to the press report released last Thursday.
Speaking at a press conference held in the ambit of the 44th anniversary of the oil company, the CEO of Sonangol, Sebastião Martins, stated that the net debt is now under control, considering the production levels of the national oil company.
He said that in 2018 the debt was 1.9 billion, but with funds requests it went to 2.2 billion. But at the end of 2019 it dropped to USD 755 million.
To cover fuel imports, the debt reached USD 1.5 billion in early 2018, but the payments made allowed the final balance to be USD 1.3 billion.
He explained that the financial debt of about USD 5 billion is controllable, justifying that it is related with the recent funding resource of around USD 2 billion.
Sonangol has reduced 5% of its operation at expenses, a situation that allowed it to achieve positive earnings before interest, tax, depreciation and amortization (EBITDA) of around USD 5.4 billion.
Sonangol invests in IT security
At the aforementioned press conference, the administration announced that Sonangol has invested two million dollars, last year, to improve its computerised system and information technologies.
The maturity level of computer systems has a maximum ceiling of 5, but that of the oil company was only 1.5, which is why it suffered an attack on the computer system on June 5, 2019.
As a consequence, information from the billing system disappeared, which forced the company to develop a job to raise the maturity level of the computer system, from 1.5 to 2.5, although Sonangol’s goal is level 4.
The control of access to the network, leakage of information and the violation of the security policies of the installations, are the risks that the national oil company still faces.