Angola is planning to strengthen the its oil and fuel refining capacity to meet home energy demand while reducing energy imports and maximizing the monetization of vitality resources for regional and global 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 stated that building new refineries and modernizing current ones will enable Angola to sustain its power provide while lowering prices incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to satisfy home vitality needs despite the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic feet of pure fuel reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and national oil firm, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million venture, nonetheless, is underway to broaden the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in vitality export prices.
MIREMPET can additionally be growing two new facilities which include a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as nicely as a 100,000-bpd refinery in Soyo metropolis – by which the ministry awarded US-based Quanten Consortium Angola the tender to assemble.
In addition, a 200,000-bpd refinery is being developed in Lobito province with Sonangol having selected Japanese conglomerate, JGC Holdings, to offer required companies. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gasoline refining capability may even reduce Angola’s vulnerability to risky international power prices.
Moreover, with เพชเชอร์เกจ such as Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will allow Angola to maximise the monetization of its vitality sources. As a outcome, Angola will increase the trading of ready-to-use fuels with Europe because the bloc seeks alternative energy suppliers to reduce reliance on Russian assets.
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