Luanda, Angola, 26 Feb – The chairman of Angolan state oil company Sonangol said Monday in Luanda that “deregulation” of the fuel distribution market was being prepared in order for other operators to enter the Angolan market.

Admitting that Sonangol had “some failings” in the area of distribution, which is a monopoly of the Angolan state, Manuel Vicente said that Sonangol planned to invest around US$300 million to ensure that fuel was available to “satisfy national demand.”

“This is one of the areas in which we have some difficulties, but there are a number of investments underway so that we can deal with these problems and meet the challenges of the country’s development,” he noted.

These difficulties are in contrast to the fact that the country is this year expected to reach oil production of 2 million barrels per day, Vicente said.

“A significant part of oil exploration in Angola is carried out by foreign companies, but we are going to try, bit by bit, to change that situation in order to be able to give our technicians to also have that opportunity and perhaps change our labor framework in the future,” he said.

This year Sonangol also plans to launch the Lobito refinery project, which will process 200,000 barrels of oil per day. (macauhub)