Angola to increase its oil and fuel refining capacity

pressure gauge octa is planning to strengthen the its oil and gasoline refining capability to meet domestic vitality demand whereas decreasing vitality imports and maximizing the monetization of vitality sources 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 constructing new refineries and modernizing present ones will allow Angola to maintain its energy supply while lowering 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 satisfy home power needs despite the country boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of natural gas reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as much as 65,000 barrels of crude oil per day (bpd). A $235 million venture, nonetheless, is underway to increase the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export costs.
MIREMPET can also be creating two new facilities which embrace a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd in addition to a 100,000-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 provide required providers. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gas refining capability may also reduce Angola’s vulnerability to risky international vitality prices.
Moreover, with new projects corresponding to Eni’s Ndungu early manufacturing venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will allow Angola to maximise the monetization of its energy assets. As a end result, Angola will broaden the trading of ready-to-use fuels with Europe as the bloc seeks alternative energy suppliers to minimize back reliance on Russian resources.

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