Angola is planning to strengthen the its oil and fuel refining capacity to meet domestic power demand whereas decreasing power imports and maximizing the monetization of vitality assets 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 region, the minister acknowledged that constructing new refineries and modernizing existing ones will enable Angola to maintain its energy supply whereas decreasing costs incurred from vitality imports. To เครื่องมือที่ใช้วัดความดัน , an absence of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet domestic power wants regardless of the nation boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of natural gas reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and national oil company, Sonangol, processing as a lot as sixty five,000 barrels of crude oil per day (bpd). A $235 million venture, however, is underway to expand 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 energy export costs.
MIREMPET is also growing two new facilities which embody a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as nicely as a one hundred,000-bpd refinery in Soyo metropolis – by 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 offer required services. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gas refining capability will also scale back Angola’s vulnerability to volatile global energy prices.
Moreover, with new projects corresponding to Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capacity will enable Angola to maximise the monetization of its energy resources. As a outcome, Angola will expand the trading of ready-to-use fuels with Europe as the bloc seeks various vitality suppliers to reduce reliance on Russian assets.
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