Mozambique: Guarantees for Petromoc Approved

Maputo — The Mozambican government has approved bank guarantees to support the publicly owned petroleum company, Petromoc, in the import of liquid fuels.

Speaking to reporters on Tuesday, at the end of the weekly meeting of the Council of Ministers (Cabinet), the government spokesperson, Deputy Justice Minister Filimao Suaze, said the imports covered refer to the period between 26 December 2019 and 7 January 2020.

The guarantees were issued in favour of the country's two largest commercial banks, the Millennium-BIM (International Bank of Mozambique), and the BCI (Commercial and Investment Bank).

Suaze did not reveal how much money the guarantees cover, but in August 2019 the Petromoc leadership said it needed an injection of several million US dollars "to normalise its activity on the market".

The Council of Ministers also approved regulations of the law establishing the legal regime for using mobile assets as guarantees, and which sets up a central registration office for real estate guarantees.

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