Can you give an overview of Prometim, and the main milestones achieved in the past few years? 

Founded in 2015, Prometim has swiftly ascended as a prominent entity in Angola, boasting an annual revenue turnover of US$35 million and providing employment to approximately 300 individuals. Our inception contract, stemming from our extensive expertise in refinery maintenance management in Portugal, was a comprehensive maintenance agreement with a refinery—a partnership that remains strong to this day.

Subsequently, we ventured into the offshore sector, engaging with leading industry players such as TotalEnergies, BP, and Eni. Our inaugural engagement with TotalEnergies in 2017 marked a significant milestone, securing a dual contract encompassing valve maintenance and mechanical workshop services. This initial success paved the way for further contracts in areas including flexible hose and diesel engine maintenance. Our expertise spans a broad spectrum of maintenance services, both preventive and corrective, encompassing mechanical and engine maintenance, electrical and instrumentation services, as well as the upkeep of industrial facilities, supplemented by comprehensive support services for onshore and offshore operations. Prometim is committed to furthering our growth in Angola, recognizing the abundant opportunities presented by the continuous influx of new projects.

In addition to our Angolan operations, Prometim has established a strategic foothold in the Republic of Congo (Congo Brazzaville) and through our investment in AMC (Atelier Mécanique du Congo), a company specializing in rotating mechanics, including pumps, compressors, and turbines. This step has already fostered relationships with key players in the Congolese market, such as TotalEnergies and Eni. The Congo office/workshop, staffed by 65 professionals specializing in rotating mechanical equipment, is poised for expansion.

What are the challenges for smaller Angolan companies when bidding for contracts? 

One of the primary challenges we face is the competition from well-established multinational corporations that have long-standing relationships with major industry players. To differentiate ourselves, it is imperative that we demonstrate our capabilities through exemplary performance on existing contracts, thereby fostering trust, and securing additional agreements.

Furthermore, the financial requisites for contract bids pose a significant hurdle, particularly for smaller local enterprises. The requirement to provide substantial bank guarantees in international banks can be prohibitive, whereas our multinational counterparts often enjoy the advantage of bypassing such guarantees in favor of a mere letter of intent from their parent company.

Upon successful contract acquisition, the procurement of necessary equipment to fulfill the contract's scope becomes the next obstacle. The current financial climate makes it challenging to secure funding from Angolan banks, necessitating a reliance on our own capital investment to proceed.

How can the Angolan authorities better support indigenous companies? 

Firstly, the government's commitment to local content development could be strengthened by providing indigenous firms with access to financing from local banks at competitive interest rates. This would empower these companies to fund their operations effectively.

Additionally, it would be prudent to establish a policy that exempts local companies from the obligation to present substantial bank guarantees when bidding on contracts, or support them on the obtention of such guarantees. This change would level the playing field. 

The National Agency for Petroleum, Gas, and Biofuels (ANPG) has made strides in supporting local businesses through preferential tenders. However, a more impactful strategy might involve the ANPG actively participating in the tender selection process to afford local companies greater opportunities. For instance, dividing large tenders into smaller segments could allow local enterprises to showcase their capabilities on a portion of the contract. Should they encounter performance challenges, their segment could be reassigned to another company, thereby maintaining project continuity while still providing valuable experience to the local companies. 

Finally, it is essential for local companies to have the opportunity to demonstrate their competence through contracts within Angola. Such experience is crucial for their growth and potential expansion into other markets. The ANPG could advocate for major industry players to allocate portions of large contracts to local companies, thereby fostering their development and integration into the broader industry ecosystem.

What is Prometim’s growth and expansion strategy moving forward?

Prometim is strategically positioned with operational bases in Angola, the Republic of Congo, Dubai, and Mozambique. Our expansion plan is set to broaden our presence across Southern Africa, with imminent ventures into Namibia, Tanzania, and Uganda.