French group Total will supply 1.2 million tons of gasoline to Angolan state oil company Sonangol, under a contract signed in Luanda, following a tender launched in January of this year.

The contract, signed by Sonangol E.P. chairman Carlos Saturnino and Laurent Maurel, CEO of Total E&P Angola, formally provides gasoline to the domestic market for the next 12 months.

Sonangol also said that, under the tender, Total E&P Angola started operating in May, and depending on the interest of the parties, the contract may be extended until December 2019.

Saturnino, quoted by the Angolan press, said that Sonangol and the Ministry of Finance are involved in a process to determine whether fuel prices will remain unchanged or rise.

The chairman of Sonangol told Angolan National Radio that it will be up to the Ministry of Finance to decide on the evolution of fuel prices after the January exchange rate reform, which has led the Angolan currency to lose over 30% of its value against the dollar. (macauhub)