Angola is planning to strengthen the its oil and gas refining capability to satisfy home vitality demand while lowering power imports and maximizing the monetization of energy assets for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. ชนิดของpressuregauge 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 energy provide whereas reducing costs incurred from vitality imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to satisfy home 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 gasoline reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, however, is underway to broaden 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 energy export prices.
MIREMPET is also developing two new services which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd in addition to a one hundred,000-bpd refinery in Soyo metropolis – during 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 services. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gas refining capacity may also reduce Angola’s vulnerability to risky international energy prices.
Moreover, with new tasks such as Eni’s Ndungu early manufacturing challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will enable Angola to maximize the monetization of its energy sources. As a outcome, Angola will increase the trading of ready-to-use fuels with Europe as the bloc seeks various energy suppliers to reduce reliance on Russian resources.
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