The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, officially opened the event “Coffee With the Banks in Downstream” on Thursday, March 5, organized by the Petroleum Derivatives Regulatory Institute (IRDP), which brought together Angolan commercial banks and companies operating in the petroleum derivatives sector.
In his speech, the minister addressed the main challenges facing the sector, including limited national production capacity, heavy dependence on imports, and restricted access to foreign currency in commercial banks. In this context, he emphasized the importance of the financial system for the development of the industry. “We cannot fail to highlight the critical role of the banking sector in petroleum derivatives, as it provides the necessary financial services for the growth and strengthening of the sector,” he stated.
The event featured two thematic panels, followed by discussions and networking between regulators, operators, and financial sector representatives, with the lubricants market as the main focus. According to the minister, although less visible than the liquid and gaseous fuel markets, this segment has handled more than 90,000 metric tons in recent years, equivalent to about 300 million dollars.
Diamantino Azevedo acknowledged, however, that national production remains limited. Currently, the country has only one manufacturing unit with a capacity of 17,600 tons and one refining unit with a capacity of 283 tons, covering less than 20% of the total market demand.
In this context, the minister set out challenges for the different stakeholders in the sector. To the IRDP, he called for greater encouragement of competitiveness and a gradual increase in national production; to companies, he urged the development of ambitious and sustainable projects capable of expanding beyond national borders; and to the banking sector, he requested a swift assessment of financing opportunities. “Projects must be evaluated with the necessary sense of timeliness that the moment demands — today, not tomorrow,” he emphasized.
The initiative “Coffee With the Banks in Downstream” aims to strengthen interaction between regulators, operators, and financial institutions, creating conditions for increased financing, company capitalization, and business expansion in Angola’s lubricants sector.
Source: Mercado
