Saurimo, Angola, 18 May – Biofuel production may contribute to agri-industrial development in Angola, establishing populations in rural areas where the projects will be carried out, the ninth consultation council of the Oil Ministry concluded.

The statement from the meeting, which was held from 13 to 15 of the month in Saurimo, the capital of Lunda Sul province, under the presidency of Minister José Maria Botelho de Vasconcelos, said that biofuel production projects would be carried out based on requirements outlined in the law, such as not using land earmarked for food or cash crops, for pasture or culturally or environmentally protected areas.

The meeting also recommended that, from an institutional point of view, the Biofuel Law should be regulated and organisms for its promotion to be set up, not forgetting inspection of these activities, given the scope of the initiative.

In relation to distribution and sale of crude oil derivatives, in light of the liberalisation strategy approved by the government, the Council recommended that, in the national interest, the state should ensure protection of the Luanda refinery, providing fiscal incentives in order to make it profitable.

The meeting also recommended that a fund be set up to finance national business projects in the oil sector, with venture capital characteristics, in which all oil companies in the production phase would participate, with an amount of 30 cents per barrel of oil produced. (macauhub)