Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Angola regularly suffers fuel shortages AFP/File

Energy

Angola sacks Sonangol chief over fuel shortages

Angola regularly suffers fuel shortages AFP/File

LUANDA, Angola, May 9 – Angolan President Joao Lourenco sacked the chief executive of the state oil giant Sonangol following several days of dire fuel shortages which have paralysed Africa’s second largest producer of crude.

In a decree made public late Wednesday, Lourenco said Carlos Saturnino would be replaced by Gaspar Martins, another Sonangol board member.

The statement, which also announced the sacking of other executives, did not give a reason for the dismissals but referred to the continuing fuel crisis.

In the capital Luanda, most petrol stations were filled with motorists seeking to buy a few litres of fuel.

Shortages also led to power cuts in several provinces and triggered a jump in prices at those garages still holding supplies.

In Luanda some stations had quadrupled prices, according to an AFP correspondent.

Despite being the continent’s second largest producer, Angola is still forced to import nearly three-quarters of its petrochemical products because of a lack of refining capacity.

On Monday, Sonangol blamed supply problems on a lack of foreign currency required to purchase the imported products, as well as the high indebtedness of public sector companies.

A day later Lourenco complained about a “lack of dialogue” between the state and Sonangol as he met with executives at the group.

Angola regularly suffers fuel shortages, one consequence of the serious economic crisis that engulfed the country in 2014.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...