pressure gauge 4 นิ้ว is planning to strengthen the its oil and gas refining capacity to fulfill home power demand whereas reducing energy imports and maximizing the monetization of energy sources 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 within the central region, the minister acknowledged that constructing new refineries and modernizing current ones will enable Angola to maintain its power provide whereas lowering prices incurred from vitality imports. To date, an absence of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet home energy needs despite the nation boasting 8.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic feet of natural fuel reserves.
Angola at present has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing as much as sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nonetheless, is underway to expand the Luanda refinery to 72,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export costs.
MIREMPET can be growing two new amenities which embody a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as properly as a one hundred,000-bpd refinery in Soyo city – during 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 supply required providers. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gasoline refining capability may also reduce Angola’s vulnerability to risky international energy prices.
Moreover, with new initiatives similar to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will allow Angola to maximize the monetization of its vitality assets. As a end result, Angola will increase the buying and selling of ready-to-use fuels with Europe as the bloc seeks various vitality suppliers to cut back reliance on Russian resources.
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