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| Author: | Ford, N. |
| Title: | Taking a refined approach to oil |
| Journal: | African Business
2003 : 283, p. 18-21 |
| Index terms: | AFRICA OIL INDUSTRY DEVELOPMENT |
| Language: | eng |
| Abstract: | Although Africa is one of the major oil producers in the world, it has proportionally a very small refining sector, thus forcing many producers to import their refined requirements. Now is the time to invest in this potentially lucrative sector. The development of the oil and gas sector on the African continent in many ways mirrors the economic development of Africa in general. Raw materials are exported to the industrialized world largely in an unrefined form, so that the profits that can be made at the processing stage are generated outside the conti- nent. In comparison with the agricultural sector, however, the main difference is that even oil in a raw form is a very valuable product and the downstream sector is only worth a small fraction of the upstream industry in financial terms. |
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