Angola is planning to strengthen the its oil and fuel refining capacity to meet domestic energy demand while lowering vitality imports and maximizing the monetization of vitality sources for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at เครื่องมือวัดความดันคือ in Huambo province in the central area, the minister said that constructing new refineries and modernizing present ones will enable Angola to maintain its vitality provide while decreasing costs incurred from vitality imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill domestic vitality wants despite the nation boasting eight.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic feet of pure gasoline reserves.
Angola currently has only one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as much as sixty five,000 barrels of crude oil per day (bpd). A $235 million venture, 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 additionally be growing two new facilities which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd in addition to a 100,000-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 chosen Japanese conglomerate, JGC Holdings, to supply required services. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and fuel refining capacity will also cut back Angola’s vulnerability to unstable international power prices.
Moreover, with new tasks similar to Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will allow Angola to maximise the monetization of its vitality resources. As a end result, Angola will broaden the trading of ready-to-use fuels with Europe as the bloc seeks different vitality suppliers to reduce reliance on Russian resources.
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