Angola to increase its oil and fuel refining capability

Angola is planning to strengthen the its oil and gas refining capability to meet home energy demand whereas lowering power imports and maximizing the monetization of vitality sources 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 stated that constructing new refineries and modernizing current ones will enable Angola to maintain its energy provide whereas decreasing prices incurred from power imports. To เพรสเชอร์เกจคือ , a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to satisfy domestic vitality needs regardless of the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic toes of pure gas reserves.
Angola at present has only one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing as a lot as 65,000 barrels of crude oil per day (bpd). A $235 million venture, nevertheless, is underway to increase the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in power export costs.
MIREMPET can be growing two new services which embrace a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as well as a a hundred,000-bpd refinery in Soyo city – 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 costs, boosting Angola’s oil and gasoline refining capability may even reduce Angola’s vulnerability to volatile world energy prices.
Moreover, with new projects 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 assets. As a result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks various energy suppliers to scale back reliance on Russian sources.
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