Angola is planning to strengthen the its oil and fuel refining capability to satisfy home vitality demand whereas decreasing energy imports and maximizing the monetization of power sources for regional and world 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 acknowledged that building new refineries and modernizing existing ones will enable Angola to sustain its vitality supply while reducing 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 domestic power needs despite the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic toes of pure gas reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). ไดอะแฟรม ซีล , however, is underway to increase the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in vitality export costs.
MIREMPET is also developing two new amenities which embody a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as properly as a one hundred,000-bpd refinery in Soyo metropolis – 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 selected Japanese conglomerate, JGC Holdings, to supply required companies. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gasoline refining capability may even reduce Angola’s vulnerability to risky global energy costs.
Moreover, with pressure gauge corresponding to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will allow Angola to maximize the monetization of its vitality sources. As a end result, Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks alternative power suppliers to reduce reliance on Russian resources.
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