Angola to increase its oil and fuel refining capability

Angola is planning to strengthen the its oil and gas refining capacity to satisfy home power demand whereas reducing energy imports and maximizing the monetization of vitality resources for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at เกจวัดแรงดันออกซิเจนราคา in Huambo province within the central area, the minister acknowledged that building new refineries and modernizing existing ones will enable Angola to sustain its energy supply while lowering prices incurred from vitality imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill home vitality wants regardless of the country boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic feet of natural fuel reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as a lot as sixty five,000 barrels of crude oil per day (bpd). A $235 million project, however, is underway to broaden the Luanda refinery to seventy two,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export prices.
MIREMPET can also be developing two new facilities which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a one hundred,000-bpd refinery in Soyo metropolis – by 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 companies. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and fuel refining capability may also scale back Angola’s vulnerability to unstable world vitality prices.
Moreover, with new projects such as Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will enable Angola to maximize the monetization of its energy assets. As a result, Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks alternative vitality suppliers to minimize back reliance on Russian sources.

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