Angola to extend its oil and fuel refining capability

เพรสเชอร์เกจ4นิ้ว is planning to strengthen the its oil and gas refining capacity to fulfill domestic vitality demand while lowering vitality imports and maximizing the monetization of power assets for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province in the central region, the minister acknowledged that building new refineries and modernizing existing ones will allow Angola to sustain its energy provide whereas lowering prices incurred from vitality imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill domestic power needs regardless of the nation boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic toes of natural gasoline reserves.
Angola presently has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as a lot as 65,000 barrels of crude oil per day (bpd). A $235 million project, nonetheless, is underway to increase the Luanda refinery to 72,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in energy export prices.
MIREMPET is also developing two new amenities which embody a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as nicely as a one hundred,000-bpd refinery in Soyo city – 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 chosen Japanese conglomerate, JGC Holdings, to provide required companies. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capability will also scale back Angola’s vulnerability to risky world energy costs.
Moreover, with new initiatives corresponding to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capability will enable Angola to maximize the monetization of its power resources. As a result, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks various energy suppliers to reduce reliance on Russian resources.
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