Sonangol Looks to Cut Costs

Wednesday, July 15, 2015

Sonangol is looking to enact $1 billion in cost savings measures by the end of the year. The cost cutting measures are aimed at helping Africa’s number two producer deal with the drop in crude oil prices.

Angola’s state-run firm said it plans to renegotiate contracts with partners. The company’s CEO, Francisco de Lemos Jose Maria, told reporters its cost saving measures did not include letting employees go.

This is not the first talk from Sonangol of cutting costs, in February the company said that it would reduce spending in 2015 by 25%; this included ending fuel subsidies and reducing contract costs.

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