Africa-Press – Angola. The Angolan government’s strategy of building refineries in the country will help save foreign currency through the decrease in import of oil-by products and will also leverage the creation of jobs, the minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, explained Thursday (4), in Luanda.
The minister was speaking at one of the panels on “Evolution of the Sector and its Future Potential” at the 6th International Oil and Gas Conference, having stressed that, with this plan, the country would have a surplus of fuel for export and foreign exchange.
He reiterated that fuel price subsidies create economic losses and instead he suggested targeted subsidies for certain segments of Angolan society and the economy, recognizing that the increase in fuel prices affects a large portion of the population, while considering necessary the adoption of parallel measures.
The government official recalled that in 2024, Angola spent approximately three billion dollars on subsidies, amounts that could be used for social projects to benefit the population. During his speech he pointed out the ongoing reforms aimed to boost and innovate the oil sector.
This year’s 6th edition of the International Oil and Gas Conference that ended on Thursday was promoted by Energy Capital and Power with the aim to discuss the future of the oil sector in Angola and Africa.
The event held as part of the 50th anniversary of Angola’s independence, was attended by government leaders, top oil industry executives, international investors, project promoters, and more than 2,500 participants from various countries.
It was held with the support of the Ministry of Mineral Resources, Oil and Gas, the National Petroleum, Gas and Biofuels Agency (ANPG), the Petroleum Derivatives Regulatory Institute (IRDP), Sonangol, and the African Energy Chamber.
“Business Opportunities in Angola”, “Impact of the Incremental Production Decree – Lessons Learned”, “The Oil and Gas Industry as a Catalyst for Economic Transformation” and “The Role of Onshore and Shallow Water Operations in Maintaining Production Levels” were among the topics discussed.
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