14 February 2019

Angola: President Pledges Commitment to Fuel Self-Sufficiency

Luanda — Angolan head of state João Lourenço Thursday reaffirmed the government interest in making the country?s oil industry increasingly competitive and self-sufficient in the production of lubricants and fuels.

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President João Lourenço swears in members of new Board of National Oil and Gas Agency

The pledge came during swearing in ceremony of the new Secretary of State for Petroleum, José Alexandre Barroso, and the new Board of National Oil and Gas Agency, chaired by Paulino Fernando de Carvalho Jerónimo.

João Lourenço, who recalled every one's commitment to diversify the economy as an urgent issue, described the oil sector as crucial for the national economy.

He referred to the measures that have been taken in recent months to make the sector increasingly strong.

Among the measures, the president stressed the resumption of the construction of large refinery in Lobito (Benguela), the construction of a new one in Cabinda through the tender and the expansion of that based in Luanda.

The head of State informed that the government intends to quadruple the current capacity of production of the refinery of Luanda from 2021 to contribute to reduce the dependency, in terms of refined products".

On the other hand, the president described as far reaching exercise the approval of the law that will create the environment for Angola to become not only a major producer of crude oil but also natural gas.

He said that the law encourages the operators to compete for the prospection and exploitation of the great reserves of gas in the country.

President João Lourenço also reported on the approval of the bidding strategy for oil blocks for the period 2019-2025, offshore and onshore.

João Lourenço stressed the role of National Oil and Gas Agency in the creation of companies to produce crude oil, gas and its derivatives.

The members of Board of Directors of the Agency include Belarmino Emílio Chitangueleca, César Paxi Pedro, Natacha Alexandre Tavares Ferreira Monteiro Massano and Gerson Henda Baptista Afonso dos Santos.

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