1. The operational launch of the Cabinda Refinery, which is now supplying diesel directly to the domestic market, marks a historic milestone in Angola’s energy self-sufficiency strategy. How is this new local refining availability altering logistics dynamics and operating margins for downstream distributors like Pumangol?
For many years, we have faced challenges related to the importation process. For us, refineries have always represented an important solution because they simplify a process that typically involves multiple stages. When one of these stages is disrupted, the entire supply chain can be affected.
The commissioning of a new refinery is therefore particularly significant. Angola already has the Luanda Refinery, although it is not currently producing all required products. The Cabinda Refinery will certainly have a positive impact on the sector. Although it has started operations at partial capacity, we expect it to quickly improve product availability in the market, not only in terms of volume but also in the speed at which products reach consumers.
At present, in the importation process, products first arrive in Luanda and are then redistributed to other provinces, including Cabinda. This requires additional logistics operations, involving further loading activities and supplementary maritime transport. With local production, we will see clear gains in logistics efficiency, operational costs, and product availability.
We also expect the benefits not to be limited to diesel. Other products are equally important, and as we have recently observed, significant challenges in gasoline supply continue to exist.
However, the development of refining capacity must be aligned with an efficient economic strategy. Production costs will remain high, and if we maintain current fuel subsidies without a gradual transition, we may create sustainability challenges for the refineries themselves.
For this reason, I believe this new phase of local production should be accompanied by a gradual reduction of subsidies, allowing production capacity to grow sustainably and enabling new projects, such as the Benguela and Lobito refineries, to advance on a stronger and more viable foundation.
Cabinda plays a particularly important role in this process. As a completely new facility, it can serve as a testing ground for operational models and process optimisation, which can later be applied to other refineries, including Luanda.
From my perspective, it is not necessary for all refineries to produce every product. It may be more efficient to specialise production units. For example, Cabinda could focus on diesel and gasoline, while Luanda could concentrate more on aviation fuel. Having multiple refineries allows for this more efficient organisation of production.
In summary, this is a very positive step for the sector. However, it will be essential to closely monitor the real impact of this new production capacity on logistics and overall market efficiency.
2. Pumangol operates one of Angola’s largest downstream networks, with service stations, fuel storage infrastructure, aviation terminals and services for specific sectors. What operational areas are receiving the greatest focus today to improve efficiency, reliability and customer service?
Innovation remains a central element of our strategy because we understand that service is fundamental. Every improvement we introduce translates into value for the company and, above all, for our customers.
We have focused our efforts on improving payment methods, expanding the range of services available at our service stations, continuously training our staff, and strengthening our brand image. In reality, we remain focused on the same priorities we have always considered essential, but we are executing them more effectively. From the outset, we have believed that service quality and the availability of non-fuel products are key drivers of customer preference.
The results demonstrate this efficiency. Despite having significantly fewer service stations than the market leader, we hold around 25% of the national market. This reflects how we use our assets, the efficiency of our daily operations, and the discipline with which we manage stock availability, infrastructure maintenance, and team training.
At the same time as we invest in technology and new services, we believe it is essential to preserve the fundamentals that brought us here. We are exploring ways to transform our service stations into fully integrated service hubs, while maintaining the core operational principles that underpin our business.
Maintaining the network’s image remains a priority. We aim to ensure that even older stations maintain a modern and attractive appearance. In parallel, our Academy has taken on an increasingly important role. Today, investment in people development and training is one of the company’s strategic priorities.
However, structural challenges continue to shape the sector’s development. Many initiatives depend directly on product availability. The market remains heavily constrained by supply allocation processes, where distributors receive volumes defined through tender mechanisms and must then operate within the available resources.
We believe the future lies in greater control over the supply chain. Operators should have the ability to import directly the products they need, supported by the financial capacity to sustain those operations. This model would create a more competitive, more predictable, and more attractive market for new investors.
One of the reasons the sector has not attracted more operators is precisely the uncertainty around product availability. It is difficult to make significant investments without guaranteed supply to support network expansion.
Pumangol itself would like to grow faster. However, we prefer to expand in a gradual and sustainable manner. Opening 10 or 15 service stations in a single year would require supply guarantees that are not yet in place. As a result, we have chosen to invest in other areas, consolidate our market position, and pursue growth through complementary segments.
One of these areas is the lubricants business, where we are investing strongly through the introduction of new brands. We continue to invest in the bitumen segment as well, which is particularly important in the context of infrastructure development and construction projects. This year, performance in this segment has been very strong.
Aviation also remains a strategic pillar of our business. It is an area where we have invested significantly, both in infrastructure and in teams, while maintaining the high operational standards inherited from Puma Energy. We are confident there is room for more operators to deliver high-quality services in this market.
Another priority is the development of our bunkering business. At present, activity remains limited due to the restricted availability of Marine Gas Oil (MGO). We are working with the relevant authorities to secure import authorisation for this product, and once that becomes possible, we will scale up this segment more decisively.
Despite current supply challenges, we see significant growth opportunities. Our focus is on maximising the value of existing infrastructure. We operate strategically located and well-equipped terminals capable of supporting high-level bunkering operations, as well as robust storage and distribution infrastructure for lubricants.
We have also invested in airport storage and maintain significant aviation fuel capacity. Across our three terminals, we also have storage and production capacity for bitumen and emulsions. As such, we believe there is still substantial potential to further optimise and expand the use of the assets we have already built.
Our priority is to maximise the value of existing investments, unlocking greater returns from this infrastructure base. In parallel, we continue to develop LPG-related projects and explore new solutions that enhance product availability and improve the customer offering.
During a recent visit to Stuttgart, we identified particularly interesting solutions that could help further enrich the customer experience at our service stations. In addition, we are also evaluating new opportunities in LNG, aligned with our strategy to introduce cleaner energy products through the Pumangol network.
3. In alignment with MIREMPET’s decarbonization targets, Pumangol is expanding its portfolio toward sustainable mobility and high-tech industrial lubricants. What is your roadmap for introducing alternative fuels, and what specific role do your specialized brands, Puma Lubricants and Kroon Oil, play in driving local industrial efficiency?
We have two distinct strategies in this area.
The first is related to the diversification of our lubricants portfolio. For a long time, we offered high-quality products, but they were not always accessible to all customer segments. As we analysed market evolution and customer needs, we realised it was necessary to provide more diversified solutions, tailored to different usage profiles and purchasing capacities.
It was in this context that we launched our own brand, MaxLub, and strengthened our partnership with Kroon Oil through a broader model. The objective is not only to provide additives, but also to introduce new lubricant references that complement our existing offer, including products specifically designed for the marine and motorcycle segments.
This diversification responds to distinct realities in the Angolan market. In some provinces, for example, motorcycles significantly outnumber cars, creating specific needs that require tailored solutions. Our strategy is precisely to respond to these different realities through a more comprehensive and segmented portfolio.
On one hand, we serve large industrial clients such as factories and mines, which use highly specific references and require specialised products for their equipment. On the other hand, we serve individual consumers and small operators who seek more affordable solutions for everyday use.
In this regard, we are also strengthening our presence in the wholesale channel. We aim to work more closely with distributors who purchase in bulk and then resell in smaller quantities within local communities. This is a model I previously experienced and implemented in Mozambique, where small entrepreneurs would buy drums and resell the product by the litre using equipment provided by suppliers.
This system creates value across the entire chain. The company increases its market presence, distributors grow their businesses, and end consumers gain access to quality products at more affordable prices. We believe this will be one of the next important steps in the growth of our lubricants business.
The second strategy is related to supply security. The challenges associated with import processes have highlighted the importance of not relying exclusively on a single brand or supplier.
When a company works with only one brand and faces import constraints, the risk of stockouts increases significantly. By diversifying the portfolio, we ensure alternatives for customers even when a specific product line faces temporary supply disruptions.
Our objective is to ensure continuity and availability. Last year, we faced several challenges related to international payments and other factors that affected the supply of certain products. Currently, we continue to see difficulties in some international markets, compounded by geopolitical tensions and production constraints in certain factories.
In this context, we believe the best strategy is to offer multiple solutions and multiple brands, reducing risk and ensuring that our customers always find an appropriate response to their needs.
Ultimately, portfolio diversification is not only a commercial opportunity. It is also a strategic tool to strengthen supply chain resilience, improve operational efficiency, and ensure a consistent offer to the Angolan market.
4. On May 8, 2026, Pumangol concluded the first edition of its “Boa Energia Digital” incubation program, awarding its grand prize to Smart.Gás, an IoT-driven solution for smart gas distribution. How will integrating this IoT technology impact your supply chain response times and overall retail performance?
The Boa Energia Digital programme was, for me, a great surprise in the best possible way. I told my team that this is an initiative we should repeat at least once a year, because truly extraordinary ideas emerged.
Some proposals are, of course, not yet ready for immediate implementation. However, that does not diminish their value. On the contrary, they are highly interesting ideas that deserve to be further explored and developed.
What stands out most in this initiative is the diversity of perspectives. We had young entrepreneurs, but also customers who actively participated, presenting solutions based on their own experience, often noting gaps in the network and suggesting that certain improvements could significantly enhance the experience at service stations, making this end-user perspective extremely valuable.
We can look at this programme in two ways. On one hand, as a platform to support youth entrepreneurship. On the other, as a strategic tool to gather insights that can directly improve our business.
We received more than one thousand projects and selected only ten finalists. This demonstrates the volume of relevant ideas in the market, many of which simply need support, mentorship, and guidance to evolve.
Among the submissions, there were proposals related to gas, sales control, customer relationship management, and improvements in service efficiency. I was genuinely impressed by the quality and creativity of the solutions.
Even the projects that were not selected represent learning opportunities. We can extract valuable elements to improve our existing solutions, including platforms such as Via, our loyalty programme.
I believe this initiative should become annual. It is an important space for experimentation and for engaging with new ways of thinking about the business.
The next step is testing and implementation. I once had a professor at Harvard who said that if we do not experiment, we will never know what works. That idea stayed with me: experiment, test, and learn.
This is what we aim to encourage internally. Even when there is no certainty about a solution, we can test it outside the core operation, evaluate the results, and make decisions based on evidence.
Often, companies become too closed within their own internal logic. Initiatives like this bring in new perspectives from outside, from real users, and from young people with different approaches.
In the end, I was truly impressed by the potential of the ideas presented. I believe this type of programme not only supports the innovation ecosystem, but also contributes directly to the evolution of Pumangol itself.
5. Operating under international GRI standards, Pumangol maintains a 100% Angolan workforce and continues to fund its community healthcare program, Saúde Até Si. For global investors reading FORTUNE who are highly focused on ESG criteria, how do this local human capital development and social stability translate into competitive advantages for the company?
We have always stated that our people are the most important asset of the company, especially when referring to Angolans. Today, Pumangol is a 100% Angolan company.
Most of our employees have grown within the organisation. They started in entry-level roles and, over time, progressed into senior management positions. This is why I consider investment in our Academy one of the most important current priorities: to train people, build their capabilities, and enable them to grow within the company.
Our policy is clear. Whenever a vacancy arises, we first look internally. We only recruit externally when we cannot find the right profile within the organisation. This is essential to build trust and motivation.
People need to believe that there is a future within the company. When that belief exists, commitment and performance naturally increase.
One of the main challenges is precisely ensuring that perception: demonstrating that internal progression is possible, and that career development is not just a promise, but a reality.
6. After winning the Escolha do Consumidor 2026 awards for top service stations and convenience stores, Pumangol is shifting toward turning its sites into smart, multimodal hubs through partnerships like SPAR Express. What are your main commercial priorities for the upcoming biennium, and which strategic partnerships will be most critical to achieving this “Thinking Ahead” vision?
It is essential that we continue to do well what we already do well, while progressively transforming our service stations into true service hubs.
The vision is to integrate different solutions within a single space, pharmacies, car wash services, banking services, and a strong convenience store offering. In this last area, the partnership with SPAR Express is fundamental.
We also aim to go beyond Luanda. The objective is to expand the presence of SPAR Express to other provinces, ensuring the same quality standards across the entire network.
Consistency is a critical element. We cannot innovate at the expense of core service quality. We must first consolidate, and only then evolve.
Another important pillar is our VIA loyalty programme. We want it to be fully operational, enabling customers to access multiple services, such as payments, points accumulation, and integration with different partners, through a single system.
For us, innovation is directly linked to customer experience. This is what has allowed us to achieve recognitions such as the Consumer Choice Awards.
Our objective is clear: to create such a complete experience that customers choose Pumangol not only for fuel, but for everything else they can do at our sites.
Keeping everything operational at a service station is a daily challenge. From equipment such as air compressors to the cleaning and maintenance of restrooms, everything requires constant attention. But it is precisely this level of detail that defines the customer experience.
7. As a key business leader, how have your professional experiences shaped your leadership style, and what legacy would you like to leave behind in the company and in the country?
This is simultaneously a simple and complex question, because the answer is always centred on people.
Throughout my career, I have realised that it has only been possible to reach this point because of the people I have worked with. That is why I deeply believe in investing in and trusting people.
It is not enough to develop skills; it is necessary to trust people to execute.
A good leader should not be afraid of being replaced. On the contrary, they should ensure that they prepare someone within the team who is capable of continuing the work.
That is the true legacy, building an organisation that functions even in the absence of its leader.
I have always sought to build autonomous teams. For me, it is a good sign to be able to go on holiday and know that the company continues to operate without direct dependence on my presence.
Unfortunately, there are still organisations where decisions are put on hold in the absence of leadership. I do not believe in that model.
I believe in a culture where the answer lies within the team itself and where people have the autonomy to act.
In fact, my core principle is simple, which is to surround myself with people who are better than me and to give them the space to execute.
8. What message would you like to share with our readers about opportunities in the energy sector and in Angola more generally?
I am a strong enthusiast of the downstream sector. I deeply believe in its future in Angola and have been closely following its evolution across different markets.
The sector will continue to grow and become more competitive, with more operators and more opportunities. However, there are still important steps to be taken to make this market truly attractive for investment.
We are witnessing a gradual transformation of national infrastructure. Investment in refineries, roads, and the Lobito Corridor will completely reshape the dynamics of the sector.
Downstream in Angola will be different in the coming years. In fact, it is already changing.
I view with satisfaction the evolution of the market and the way new players are adopting more modern, customer-oriented practices.
The future should be defined by customer experience, not merely by product availability.
Consumers should choose a company based on service and the quality of experience, not simply because it is the only available option.
That is the right path, and it is the direction in which the market is inevitably moving.
