Angola is planning to strengthen the its oil and fuel refining capacity to fulfill home energy demand while decreasing vitality imports and maximizing the monetization of power sources for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a gathering in Huambo province within the central area, the minister said that building new refineries and modernizing current ones will enable Angola to maintain its power supply while lowering prices incurred from power imports. To เกจแรงดันลม , a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to fulfill home vitality needs despite the country boasting 8.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic feet of pure gas reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as a lot as sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nonetheless, is underway to increase the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export prices.
MIREMPET is also creating two new amenities which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a one hundred,000-bpd refinery in Soyo metropolis – during which the ministry awarded US-based Quanten Consortium Angola the tender to construct.
In addition, a 200,000-bpd refinery is being developed in Lobito province with Sonangol having selected Japanese conglomerate, JGC Holdings, to supply required companies. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gasoline refining capability may even scale back Angola’s vulnerability to volatile global power prices.
Moreover, with new initiatives similar to Eni’s Ndungu early manufacturing challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will enable Angola to maximize the monetization of its vitality assets. As a outcome, Angola will expand the trading of ready-to-use fuels with Europe as the bloc seeks different energy suppliers to reduce reliance on Russian assets.
Share