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Fri, 17 May 2019 11:37 - Updated Fri, 17 May 2019 11:37

Oil refining reduces price volatility by 60 per cent

Luanda - Crude-oil refining in producing countries, such as Angola, reduces to 60 percent the prices volatility of the product in the international market, said on Thursday the Bissau-Guinean economist, Carlos Lopes.

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Bissau-Guinean economist, Carlos Lopes

Photo: Henri Celso

Angola produces solely 20 percent of oil by-products for domestic consumption in the country’s sole Luanda-based refinery, while the other 80 percent have been imported.

According to data disclosed in April, during the first trimester of this year the state-owned oil firm Sonangol spent USD 221.4 million to import oil by-products to meet the domestic market, an averaged USD 73.8 million monthly.

Carlos Lopes, who was speaking to the press following the Angolan Economy Supportive Conversion Forum, advised Angola to focus on crude transformation, instead of importing oil by-products.

Meanwhile, added the economist, in order for this goal to be achieved Angola needs to invest in oil refining activity, petrochemical industry, fertilizers output among other transformations.

According to the economist and university lecturer, Angola integrates the group of 35 countries highly dependent on raw-materials.

Angola’s situation is worsened due to its reliance on a single raw-material (crude oil), which exposes the country to volatility of prices at international markets, explained the academic.

In addition, he said the reconversion of the country’s economy needs to incorporate industrialization, which means to bring the economy to the industrial era, entailing the adoption of formality-based modern exchanges.

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