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Mozambique: Petromoc pays bank debts and emerges from insolvency
2:35 CAT | 24 Nov 2023
File photo: Notícias
Mozambique’s Minister of Economy and Finance, Max Tonela, recently announced that the company Petróleos de Moçambique (Petromoc) had paid its debts to two creditors in the national banking system, and that the company had therefore emerged from insolvency.
The state-owned company however continues to face great fiscal risk next year. In 2022, it owed the Tax Authority more than six billion meticais.
“Petromoc had a debt associated with the historic lack of adjustment in fuel prices, which led to a reduction in the import and sale of petroleum products by private operators,” Minister Tonela told a meeting of Assembly of the Republic deputies.
Notícias says that the company was forced to increase the volume of fuel imports and distribution, even in a context in which sales occurred with negative margins.
The administrator of the State Participation Management Institute, Tomás Dimande, predicts that the company’s results this year will be around 1.3 billion meticais in the black.
By 2019, the company’s debt to banks was around 12 billion meticais, and it was posting annual losses of three billion meticais.
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