The Angolan government’s strategy of building domestic refineries will help save foreign currency by reducing imports of petroleum products and create jobs, emphasized Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, on Thursday in Luanda.
Speaking at a panel on the “Evolution of the Sector and Its Future Potential” during the 6th International Oil and Gas Conference, the minister added that this plan will enable the country to have a surplus of fuel for export, generating additional foreign exchange revenue.
The minister reiterated that fuel price subsidies create distortions in the economy, suggesting instead targeted subsidies for specific segments of society and the Angolan economy.
He acknowledged that rising fuel prices affect a large portion of the population but stressed the need for complementary measures. He recalled that in 2024, the country spent around three billion dollars on subsidies, an amount that could have been invested in social projects for the benefit of the population.
During the discussion, Diamantino Azevedo outlined ongoing reforms aimed at stimulating and modernizing the petroleum sector.
Organized by Energy Capital and Power, the 6th International Oil and Gas Conference concluded on Thursday and was held in the context of Angola’s 50th Independence Anniversary, focusing on the future of the oil and gas sector in Angola and across Africa.
The event brought together government leaders, top executives from the oil industry, international investors, project developers, and more than 2,500 participants from multiple countries.
The conference was supported by the Ministry of Mineral Resources, Petroleum and Gas, the National Agency for Petroleum, Gas and Biofuels (ANPG), the Petroleum Derivatives Regulatory Institute (IRDP), Sonangol, and the African Energy Chamber.
Key topics discussed included “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.”
Source: Angop
