Angola is planning to strengthen the its oil and gas refining capacity to satisfy home energy demand whereas reducing energy imports and maximizing the monetization of power resources for regional and world 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 acknowledged that constructing new refineries and modernizing present ones will allow Angola to sustain its vitality supply while decreasing prices incurred from energy imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to fulfill home energy needs despite the nation boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of natural gasoline reserves.
Angola at present has only one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and national oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million venture, nonetheless, is underway to expand the Luanda refinery to seventy two,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export costs.
MIREMPET is also developing two new amenities which include a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as nicely as a a hundred,000-bpd refinery in Soyo metropolis – in 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 offer required providers. With spmk700 -Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gas refining capability will also scale back Angola’s vulnerability to volatile international power prices.
Moreover, with new initiatives such as Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will allow Angola to maximize the monetization of its vitality assets. As a outcome, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks various vitality suppliers to reduce reliance on Russian sources.
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