ANGOLAFINANÇAS

Oil sector registers a high concentration of companies

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The data were advanced by the administrator of ARC, Nelson Lembe, at the methodological seminar on merger operations between companies in the oil sector.

“There is a need to achieve a more competitive and fair business environment, capable of attracting good investments, which is why Competition Advocacy continues to be a priority for ARC”, said the official.

Nelson Lembe said that the objective of the meeting was to promote competition in all sectors of the national economy.

“We are working to engage stakeholders in the antitrust system and create a solid culture of competition in Angola, as well as the weight and relevance of the oil sector in the country’s economy and its market dynamics”, justified the technician.

He said that competition in the market has led to acts of concentration between companies, through acquisitions and mergers that are appreciated by the authority.

“It is a dynamic sector and has a significant weight for our economy, hence the urgent need for these activities and awareness seminars to safeguard, above all, healthy competition, respect for the rules and principles of competition”, he emphasized.

According to Nelson Lembe, when competition works, there is a good business environment and an economy with a good business environment facilitates economic growth, which is always associated with the creation of income and jobs.

Asked about the existence of a monopoly in the sector, Nelson Lembe said that so far the processes analyzed were non-opposition.

“Of the concentration processes that took place, we had only one in the oil sector, which was approved with commitments that are imposed conditions that have to be verified, of some operations that could result in some reinforcement of a dominant position”, he said.

As a result, he ensured that certain conditions and obligations are established so that they can be verified within certain terms and time to mitigate competition risks that may result in a monopoly.

He also said that the regulator has held several seminars with certain sectors, with a relevant weight in the economy, such as the banking sector.

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