Angola Calls For More Foreign Investment In Oil Sector

Umer Jamshaid Published October 14, 2021 | 03:39 PM

Angolan President Joao Lourenco on Wednesday appealed for more investment in free areas and new zones for sedimentary basin exploitation

LUANDA, (APP - UrduPoint / Pakistan Point News - 14th Oct, 2021 ) :Angolan President Joao Lourenco on Wednesday appealed for more investment in free areas and new zones for sedimentary basin exploitation.

The Angolan head of state made the appeal on the first day of "Russian Energy Week" held via video conference, adding that Angola has restructured its oil sector.

Lourenco stressed that a bidding strategy has been approved for new oil blocks for the period 2019-2025, which foresees bidding for more than 50 blocks to increase oil production.

The government aims to guarantee the self-sufficiency of refined products and is promoting the implementation of three refineries that will enable Angola to reach a refining capacity of about 425,000 barrels of crude oil per day.

Lourenco said Russian companies, which have experience in creating steel mills, fertilizer plants, and power generation plants, are welcome to invest in the gas sector.

"With all these projects, the country will be able to create opportunities for the development of new renewable energy sources, such as solar, wind, biomass and others," Lourenco said.

He said Angola is committed to strengthening cooperation with the Russian Federation and is open to all companies that want to invest in the diversification and development of the Angolan economy.