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Thu, 10 Oct 2019 17:00 - Updated Thu, 10 Oct 2019 16:59

Government seeking support from business sector

Luanda - Angolan minister of Mineral Resources and Oil Diamantino Azevedo said Thursday in Luanda the Executive relies on the support of the national and foreign business sector to improve the national economy and the living conditions of the population.

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The minister was speaking at the award roadshow presentation ceremony on the international public tender for the construction of Soyo Refinery in northern Zaire province.

He said it was important to clarify the sector's businessmen about the government's actions in the oil and gas sector, so that they become active actors to correct what is wrong.

Diamantino Azevedo recalled that when the current board of the Ministry took office, he found a difficult situation in the oil and gas sector, due to several factors.

“By self analysis, and of those who intervene in this sector, it is obvious that there were problems of leadership, model of sector organisation, problems of state intervention in the sector,” he said.

The minister stated that decline in production in the sector, due to geological and maintenance issues linked to the lack of investments in the sector, forced the new ministerial management to take urgent action.

The Ministry of Mineral Resources and Oil (Mirempt) launches on  24th, the international public tender for private investment to build an oil refinery in the municipality of Soyo, Zaire province,  under Law 9/16 of 16 June, public procurement law and other applicable legislation.

The technical presentation (roadshow) for its launch began today, October 10th in Luanda, and the other is scheduled for the 22nd in Dubai.

To reduce the deficit and consequently imports, as part of the ongoing reforms in the oil sector, some projects are available, with stress to construction of Lobito (Benguela) refinery, with capacity to process 200,000 barrels / day, and that of Cabinda  (60,000 barrels / day).

Angola is the second largest oil producer in sub-Saharan Africa, behind Nigeria, with a production standing at 1.4 million barrels per day. But the country imports 80 percent of oil products to meet its domestic needs.

With an investment estimated at $ 2 billion, the works at Cabinda refinery start this year running until 2022.

The ongoing works in Luanda refinery will enable an increase in the gasoline production, from 300 to 1, 200 tonnes/year.

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