africa Angola Energy oil

Angola to liberalise crude oil by-products supply

Approximate reading time: 2 minutes

The oil sector will soon liberalise thoroughly the activity of importing crude oil by-products and open it to the intervention of private companies.

So far the Executive had only liberalised the supply of fuel, as confirmed last Wednesday by the secretary of State for Oil, Paulino Jerónimo, speaking on the fringes of the International Conference on Technological, Normative and Legal Strategies for the Oil Industry, promoted by the Angolan Catholic University (UCAN).

“We’ll allow other companies to enter the activity of supplying crude oil by-products”, said the secretary of State, whose sector functions under the umbrella of the Ministry of Mineral Resources and Oil.

He said the state-owned National Fuel Society (Sonangol) will lose the monopoly in the area of crude oil by-products.

Paulino Jerónimo went on to explain that there is a “big supplier of oil by-products called Sonangol” in a market that also has the presence of companies like Pumangol, Sonangalp and others.

He stressed that the country’s oil sector has been going through changes that will bring about a new momentum to this domain in Angola.

He also reminded that Sonangol is undergoing a restructuration process which will make it give up its concessionaire role and put an end to some of its non-nuclear assets, which includes the privatisation of some of the company’s branches, a measure already being studied by the Executive.

He confirmed that Angola’s oil production has gone down to 1.5 million barrels a day.

The International Conference on Technological, Normative and Legal Strategies for the Oil Industry is running from 21 to 23 November and counts on the partnership of the Society of Oil Engineers.

Source: Angop

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