[2019-02-15] Angola must be self-sufficient in production of lubricants and fuels, President says

Source: Macauhub

Angola’s oil industry should be self-sufficient in lubricant and fuel production as well as being competitive, President João Lourenço said on Thursday in Luanda.

The President added that if the diversification of Angola’s economy is “an imperative for our own survival, it is no less true that the oil sector continues to be of crucial importance to the national economy.”

Lourenço, speaking at the inauguration of the new Secretary of State for Oil, José Alexandre Barroso, and the new Board of Directors of the National Oil and Gas Agency (ANGP), chaired by Paulino Fernando de Carvalho Jerónimo, recalled that measures had been taken in recent months to make the sector stronger.

Among these measures, the head of state highlighted the resumption of the construction of a large refinery in Lobito, the construction of a new one in Cabinda and the expansion of the Luanda refinery.

He added that, starting in 2021, the country intends to quadruple the current production capacity of the Luanda refinery, which, although it is old, “may serve to reduce dependence on refined products.”

Lourenço, quoted by the Angop news agency, added that the creation of the National Oil and Gas Agency had been needed for a long time, as it is an international practice to have companies focused on the production of oil, gas and its derivatives, alongside an agency that plays the role of national concessionaire, which was a responsibility previously charged to Sonangol.

The new president of the National Fuel and Gas Agency said that the institution, as the sector concessionaire, will encourage the production of biofuels and fertilizers and the export of natural gas.

Barroso proposed granting tax incentives for the economic viability of the discoveries made over the last 10 to 15 years, previously considered to have no commercial value.