Luanda delays approving $600m Sonangol-Trafigura deal
Angola is dragging its feet in issuing the required permit for the share swap deal, hoping to gain concessions on debt to Trafigura Group that reached $409 million in 2017, and which the authorities are struggling to pay off.
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▪ Luanda delays approving $600m Sonangol-Trafigura deal
▪ Angola is dragging its feet in issuing the required permit for the share swap deal, hoping to gain concessions on debt to Trafigura Group that reached $409 million in 2017, and which the authorities are struggling to pay off.
▪ https://www.africabusinessplus.com/en/810407/luanda-delays-approving-600m-sonangol-trafigura-deal/
Last year, the government asked the Swiss group for a second postponement on the maturity of its debt to Angola Exploration Mining Resources (AEMR). This former subsidiary of Trafigura, which was 30% owned by Luanda and operated iron deposits, was liquidated in 2016 following a change in the regulatory framework for the extractive sector.
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