Angola is planning to strengthen the its oil and fuel refining capacity to satisfy home vitality demand while reducing power imports and maximizing the monetization of energy resources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province in the central area, the minister said that constructing new refineries and modernizing current ones will enable Angola to maintain its power supply whereas decreasing prices incurred from energy imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet home energy needs regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic feet of pure gasoline reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and national oil company, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). pressure gauge ด้าน ดูด , however, 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 vitality export costs.
MIREMPET can additionally be creating two new amenities which include a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a 100,000-bpd refinery in Soyo city – 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 selected Japanese conglomerate, JGC Holdings, to supply required services. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gas refining capacity may also reduce Angola’s vulnerability to volatile international power costs.
Moreover, with new initiatives such as Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will allow Angola to maximise the monetization of its power resources. As a result, Angola will expand the trading of ready-to-use fuels with Europe as the bloc seeks different power suppliers to cut back reliance on Russian sources.
Share