Saturday, June 15, 2024

Puma Energy confirms progress in reducing Mozambican government debt

The managing director of Puma Energy Mozambique, Danilo Correia, assured that the government is in the process of paying off the debt accumulated with the oil companies responsible for importing and distributing liquid fuels in the country.

During a press conference dedicated to the presentation of a report on energy security and infrastructure development, Correia explained that the debt, which peaked in March 2021 due to the effects of the war between Russia and Ukraine, is being significantly reduced. The amount owed to the company he leads has already fallen considerably, from 50 million dollars to 14 million.

The managing director expressed confidence that, if international prices remain stable in the coming months, the debt could soon be fully resolved. He highlighted the collaborative work between the government and companies in recent months as a key factor in this progress.

In addition, Correia emphasized that the debt payment process is not limited to Puma Energy, but extends to all the oil companies involved, recognizing that each case is unique.

In March last year, Mozambique’s Confederation of Economic Associations (CTA) reported a significant increase in the government’s debt to oil companies, from 120 million to around 450 million dollars. This worrying scenario has been identified as a threat to the sector’s financial stability.

The lack of resolution to this debt has already resulted in the collapse of some importers. In April 2022, the Mozambican Association of Oil Companies said that at least 15 of its 30 member companies were affected by debt related to the conflict between Russia and Ukraine.

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