Angola to increase its oil and fuel refining capacity

Angola is planning to strengthen the its oil and gas refining capacity to meet home vitality demand whereas lowering power imports and maximizing the monetization of power 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 in the central area, the minister acknowledged that constructing new refineries and modernizing current ones will enable Angola to maintain its vitality supply whereas decreasing costs 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 meet domestic energy needs regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic feet of pure fuel reserves.
Angola at present has only one operational refinery, the Luanda Refinery, operated by power firm, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million project, however, is underway to expand the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in power export prices.
MIREMPET is also growing two new services which include a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as well as a 100,000-bpd refinery in Soyo metropolis – in 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 chosen Japanese conglomerate, JGC Holdings, to provide required companies. With เพรสเชอร์เกจคือ -Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gas refining capability may even cut back Angola’s vulnerability to unstable global vitality prices.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will allow Angola to maximise the monetization of its power sources. As a outcome, Angola will expand 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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