Namibia to procure oil from Angola

26 Jun 2013 07:10
WINDHOEK, 26 JUN (NAMPA) - Namibia will soon purchase crude oil from neighbouring Angola, after the two countries signed a bilateral agreement aimed at cooperating on issues regarding oil and gas.
Namibia?s Minister of Mines and Energy, Isak Katali and Angola?s Minister of Petroleum Jose Maria de Vasconcelos signed the three-year renewable Memorandum of Understanding (MoU) here on Tuesday.
The two governments have been engaged in meetings since 2011 to exchange views on how to cooperate in the oil and gas sector.
Angola is the second largest producer of oil in Africa, after Nigeria.
?Namibians have been crying all along, asking Government to cooperate with Angola so that we can procure oil directly from the neighbouring country,? Katali said during the signing ceremony.
?We cannot buy refined oil, as Angola also do not have enough refined oil for themselves. Angola only refines 30 per cent of its oil, which is not even enough for themselves. We will procure crude oil from Angola and see where we can refine this product for ourselves,? the minister stated.
Angola is currently constructing two refineries and Namibia is expected to have a stake in those projects, Katali said.
Meanwhile, De Vasconcelos described the MoU as ?a mission accomplished?.
He said the signing of the MoU by Angola and Namibia means the two countries will exchange experience in the oil and gas sector.
?Angola has experience in exploration of oil and gas and will share this expertise with Namibia,? he stated.
He also indicated that the construction of the refinery plants will help Angola to export refined oil to the Southern African Development Community (SADC) region, including Namibia.
The news of the signing of the MoU comes after Brazilian oil company HRT confirmed in May this year that it discovered oil off the Namibian coast, which is not suitable for commercial use.