The managing director of Chevron in Angola, John Baltz, sent a few days ago an ultimatum to the Board of Sonangol. The US multinational claims payments of $ 300 million related to the obligations of Sonangol on production costs in Block 0 in Cabinda, operated by Chevron (39.2 percent) and in which Sonangol holds 40 percent of the share.
Since the appointment of the Board of Directors in June, Sonangol failed to honor its contractual commitments with Chevron,
Houston sources indicate that Isabel dos Santos has a week to explain the Chevron how pay the debt. This requirement stems from the fact that Chevron has tried to reach an amicable solution and not have found reciprocity on the part of Isabel dos Santos administration. The president's daughter initially certify the date of 27 June to comply with Sonangol's obligations to Chevron. A new promise was made for July 27, and was also not met. The date of 29 September was also ignored.
The Agreement of Joint Operations Block 0 stipulates that in case of default in payment by more than 21 days, the associated fault shall incur the loss of its participation rights.
Chevron may trigger this clause of the agreement if Sonangol does not explain and commit within a week about how and when to settle your debt. This position means that Chevron can sell the share of oil belonging to Sonangol, rather than to deliver.
Adapted from Rafael Marques Morais (makaangola.org)
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