Angola to extend its oil and gas refining capability

Angola is planning to strengthen the its oil and fuel refining capability to fulfill home energy demand while reducing power imports and maximizing the monetization of power assets for regional and international 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 region, the minister said that constructing new refineries and modernizing existing ones will enable Angola to sustain its vitality supply while lowering prices incurred from energy imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to satisfy domestic vitality wants regardless of the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic ft of natural fuel reserves.
เกจวัดแรงดัน has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national oil firm, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million project, nevertheless, is underway to increase the Luanda refinery to seventy two,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 can be developing two new amenities which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as properly as a a hundred,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 supply required providers. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gasoline refining capability will also scale back Angola’s vulnerability to volatile international energy costs.
Moreover, with new initiatives such as Eni’s Ndungu early manufacturing venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will allow Angola to maximize the monetization of its vitality sources. As a result, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks various vitality suppliers to reduce reliance on Russian resources.
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