ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage
Luanda

Max:

Min:

Home » News » Economy

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.

Send by email

To share this news by email, fill out the information below and click Send

Correct

To report errors in the texts of articles published, fill out the information below and click Send

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.

Tags Economy  

Read also
  • 15/05/2019 16:08:19

    Brent's barrel opens at 0.25 percent low

    Luanda - Brent oil barrel, due to be delivered in July, began trading on Wednesday in the London futures market at USD 71.10, 0.25 percent low from the previous session.

  • 15/05/2019 10:05:21

    Oil well with over 150 million barrels discovered

    Luanda - A new oil well, with an estimated to contain up to 250 million barrels of light oil of high potential in place was discovered in Block 15/6 in Angolan offshore, announced the National Agency of Petroleum, Gas and Biofuels ( ANPG) and the Italian multinational ENI.

  • 14/05/2019 18:08:36

    Tourism raises more than USD 800 million in 2017

    Luanda - At least USD 800.8 million is the value of revenues raised by tourism sector in 2017, said the national director of Hotel Training, Cláudio António, on Tuesday in Luanda.