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TERMINATION OF CONTRACT

 
Sonangol EP, makes public that in the context of the implementation of the Cabinda Refinery Project and after a long process of selecting an investor...
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TERMINATION OF CONTRACT

 
Sonangol EP, makes public that in the context of the implementation of the Cabinda Refinery Project and after a long process of selecting an investor with the technical and financial capacity to meet the legal and compliance assumptions, November 2018, the United Shine Ltd consortium with which it entered into a generic agreement in February 2019 and a contract on 4 June of the same year.
 
This partnership would allow the project to be implemented as quickly as possible in order to reduce government expenditure on fuel imports.
 
However, in October of this year, Sonangol E.P. was forced to terminate the contract, following the breach of the agreed actions and the effective, unconditional and concrete non-guarantee of the following points:
 
1- Financing or guarantees to ensure the implementation of the Cabinda Refinery;
 
2- Any capitalization that demonstrates financial robustness at the equity level, to ensure the realization of the project;
 
3- Failure to demonstrate the ability to prepare or carry out essential activities within the agreed period (24 months);
 
4- Failure to submit the additional technical, commercial and financial studies that would support the completion of the project within the established deadline;
 
5- Failure to submit documentation for the approval of the private investment project under Angolan law;
 
6- Titles or documents attesting to the ownership of the refinery for foreign travel to Angola and subsequent assembly in Cabinda within the deadline, 2022, as agreed, and did not maintain the technical partnership that preferred the choice of its proposal.
 
Sonangol E.P., mandated by the Angolan executive, coordinates the strategy for the execution of the project in which it has a participative interest in the order of 10% of the company's capital.
 
In negotiations subsequent to the termination of this agreement, Sonangol entered into contacts with other potential investors and signed on 30 October 2019, with GEMCORP CAPITAL LLP, a Memorandum of Understanding, for the financing and implementation of the project, ensuring the realization within 30 + 30, with financing secured in compliance with commitments to the State and society.
  
Sonangol E.P. Communication and Image Office, in Luanda, December 4th, 2019.

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