Mozambique: Prime Minister Challenges Petromoc to Back Natural Gas

Mozambican Prime Minister Carlos Agostinho do Rosario on Friday challenged the publicly owned fuel company, Petromoc, to take the lead in supplying the domestic fuel market.

According to the daily newspaper “Noticias”, the Prime Minister also called on Petromoc to make a valuable contribution to the economy by substituting natural gas for imported fossil fuels and by maximising its storage infrastructure.

Speaking during a formal visit to the company, the Prime Minister noted that the strategy of substituting gas for fossil fuel imports requires an ambitious programme to convert the fuel used in the country’s vehicles.

Following a private meeting between the government delegation and the company’s management team, the Deputy Minister of Economy and Finance, Maria Isaltina Lucas, said that Petromoc was doing well. However, she called on it to regain its leading role in the fuel market.

Petromoc’s chief executive, Fernando Uache, argued that it already plays the leading role as it currently holds a 42 per cent market share. He added, “we have the country’s largest storage capacity of around 450,000 cubic metres and a team of 621 workers”.

He noted that in 2013 the company sold 560,000 cubic metres of fuel domestically, which rose to 635,000 in 2014 before falling to 598,000 cubic metres last year.

Petromoc operates a network of pipelines and storage facilities in all of Mozambique’s ports. The company is 60 per cent owned by the state, 20 per cent owned by government’s Institute for the Management of State Holdings (IGEPE), with a further 20 per cent belonging to the company’s managers and workers.

Source: Agencia de Informacao de Mocambique