Africa-Press – Angola. The Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, announced this Friday, in Lobito (Benguela), the carrying out of a feasibility study for the construction of a petrochemical component in that city’s Refinery.
The government official made this statement during the signing ceremony of the contracts between SONANGOL and the China National Chemicals Engineering Company (CNCEC), for the construction of the Lobito Refinery.
Diamantino de Azevedo stated that, if the feasibility study (under the responsibility of SONANGOL) is positive, the Government will invest in a petrochemical refining complex, as a contribution from the oil industry in the diversification of the country’s sustainable economy.
Regarding the construction of the Refinery, he reiterated the strategic importance of that investment, not only for Angola, but also for neighboring countries, with greater emphasis on Zambia and the Democratic Republic of Congo.
South Africa, Namibia and Botswana are also on the list, posing major challenges for national exports of refined products, he said.
On the other hand, this situation will reinforce Angola’s competitive advantage in this segment, within the framework of integration into the SADC free trade zone, according to the minister.
“The country’s current socio-economic context, characterized by exchange rate fluctuations, the gradual withdrawal of subsidies on the prices of petroleum derivatives, among others, brings a set of challenges to our economy”, he considered.
Regarding this aspect, he considered the commitment of everyone involved in this process to be of particular importance.
“It is up to us to thank and reaffirm the predisposition of the Angolan State to create a favorable environment for investments in the oil and gas sector, whether through continuous improvement, within the legal and regulatory framework, or through the creation of investment opportunities each time more attractive for the private sector in our country and beyond”, stated Diamantino de Azevedo.
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