Angolan President, João Lourenço, has promised to make Angola’s hydrocarbon sector more competitive and independent.
Speaking at the inauguration of the new Secretary of State of Oil, José Alexandre Barroso, and the board of the newly formed National Oil, Gas and Biofuels Agency (ANPG) on Thursday, he noted that the hydrocarbons industry was essential to the country’s economy.
One of the projects the President focused on was the re-activation of the Lobito refinery project, and the tender for the construction of a new one in Cabinda. The existing Luanda refinery will have four times the current capacity by 2021 in order to “reduce dependency in terms of refined products.”
President Lourenço also spoke about the changes made to the hydrocarbons sector, such as the new gas law, which will help the sector become more competitive and encourage foreign investment. The gas law makes it possible for international oil companies to start exploring and producing gas from large existing deposits.