Angola is planning to strengthen the its oil and fuel refining capacity to meet domestic vitality demand whereas lowering power imports and maximizing the monetization of power sources 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 present ones will enable Angola to maintain its energy provide while reducing costs incurred from energy imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy home power needs despite the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic ft of pure gas reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by energy 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). pressure gauge , nevertheless, 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 power export prices.
MIREMPET can also be developing two new services which include a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as well as a a hundred,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 offer 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 risky world vitality prices.
Moreover, with new tasks similar to 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 energy sources. As a outcome, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks alternative vitality suppliers to minimize back reliance on Russian sources.
Share