(Ecofin Agency) - The ongoing financial crisis facing the country adds oil sector's responsibility concerning investment in other areas to relaunch internal production as part of the economy diversification programme the Oil minister, José Botelho de Vasconcelos (picture) said.
 
He made this known while addressing the opening of the 11th Consultative Council of the Oil Ministry, recalling that his sector contributes 46 percent of the Gross Domestic Production, 97 percent of the global exports and support 71 percent of the country's expenditures.

According to him, the internal consumption of oil derivatives has been recording a significant increment, thanks to the land transportation and storing capacity adding that the storing capacity has reached 358,341 cubic metres of diesel, petrol and other derivatives, in addition to 930 supplying stations in various parts of the country.
He noted the establishment in Soyo, northern Zaire province, of the Angola-LNG Project that enables the utilisation of the gas, through the process of production of oil, increment of the refining capacity and others.

The minister stated that in view of its role as an economy revitalising role and the main source of revenue for the State, the oil sector should take specific measures so that the recession of the oil price in the international market does not affect, in negative way, the economic indicators of the country. "We are fully aware that the sector we belong to has added responsibilities at this time of a crude oil price fall in the international market, and requires us to adopt a set of relevant measures to face the international environment," He said.

Botelho de Vasconcelos stressed the need for a focus on improving the quality of teaching and adjusting the curriculum at the National Petroleum Institute to the international system in order to ensure a healthy competition in the increasingly demanding oil market.

For the near future, the Oil minister pointed out as challenges in the short and medium term, a review of the sector's legislation, with a new Act on petroleum activities, with formal features of a Framework Law. Allafrica reports