Angola is planning to strengthen the its oil and gas refining capability to meet domestic power demand while lowering power imports and maximizing the monetization of power assets 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 existing ones will enable Angola to sustain its vitality provide whereas reducing costs incurred from vitality imports. To เกจแรงดัน , a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to meet domestic power needs despite the country boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of pure fuel reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by energy firm, 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 project, however, is underway to increase the Luanda refinery to 72,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in vitality export costs.
MIREMPET can be growing two new facilities which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as well as a one hundred,000-bpd refinery in Soyo city – during 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 supply required providers. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gas refining capacity may also reduce Angola’s vulnerability to unstable world energy costs.
Moreover, with new projects such as Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will enable Angola to maximise the monetization of its power resources. As a end result, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to scale back reliance on Russian sources.
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