Mozambique’s state-run petroleum company Petromoc said on Friday that it requires about US$115.9 million to stabilize its operations in the face of the country’s sluggish economic performance.
Petromoc chief executive Hélder Chabisse said his company was operating under difficult conditions and has been avoiding passing on the costs to the state, which is also struggling.
“Right now, company accounts are negative and we need US$115,876,498 to normalize our activities in the market,” Chabisse told APA.
He said “it would be unrealistic of us as the company’s management to ask the shareholder for such an intervention”.
According to the official, a number of companies owe PETROMOC, some of which are equally facing financial problems such as the state-run Mozambique Airlines.
Petromoc was created in May 1977 and sells fuel and lubricants suitable for the mining, agriculture and marine industries, as well as provides technical assistance to industrial and commercial companies such as fisheries, transport sectors, energy as well as social sectors.
It also supplies fuel to neighbouring countries such as Zambia, Zimbabwe, Malawi and the Democratic Republic of Congo.
CM/jn/APA