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State oil Petromoc could do more for economy – Mozambican PM

Mozambican Prime Minister, Carlos Agostinho do Rosario has challenged the state oil firm, Petromoc to take the lead in supplying the domestic fuel market and make valuable contributions to the national economy.

He said this could be done by replacing natural gas for imported fossil fuels and by maximising its storage infrastructure.

State-run Sunday weekly paper, Domingo widely quoted the Prime Minister as saying that Petromac should bring its full weight to bear on the economy in a positive way.

Empressa Nacional de Petroleos de Mocambique (Petromoc) is the Mozambique state oil company and official importer of cooking gas, Liquefied Petroleum Gas, (LPG) and for the setting of selling prices

It was formed in 1997.

The premier was addressing a formal visit to the company where noted that the strategy of substituting gas for fossil fuel imports requires an ambitious programme to convert the fuel used in the country’s vehicles.

Following a private meeting between the government delegation and the company’s management team, Petromoc’s chief executive, Fernando Uache, said his firm is already playing the leading role as it currently holds a 42 percent market share.

“We have the country’s largest storage capacity of around 450,000 cubic metres and a team of 621 worker” he said adding that in 2013 the company had sold 560,000 cubic metres of fuel domestically, which rose to 635,000 in 2014 before falling to 598,000 cubic metres last year.

Petromoc operates a network of pipelines and storage facilities in all of Mozambique’s ports.

The company is 60 percent owned by the state, 20 percent owned by the Institute for the Management of State Holdings (IGEPE).

The remaining 20 percent belongs to the company’s managers and workers.
Source: StarAfrica

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