Sonangol’s board aims to restore “financial sanity and organisational efficiency” after the oil price crash and a resulting fall in revenues.
“This has led to an impasse with international creditors, making it difficult to obtain new financing fundamental to the sustainability of operations, maintenance of production levels, payments to suppliers and fulfilment of its financial commitments,” said Sonangol.
A review of company’s finances “points to a situation far more serious” than originally thought” with “questionable management policy and practices placing Sonangol in a precarious financial and operational situation”.
This
