Angola is planning to strengthen the its oil and fuel refining capability to fulfill home power demand whereas reducing energy imports and maximizing the monetization of power assets for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a gathering in Huambo province within the central area, the minister acknowledged that constructing new refineries and modernizing present ones will enable Angola to sustain its vitality supply while lowering costs 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 fulfill domestic vitality wants despite the nation boasting eight.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic ft of pure fuel reserves.
Angola presently has just one operational refinery, the Luanda Refinery, operated by power firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million project, nevertheless, is underway to increase the Luanda refinery to seventy two,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export prices.
MIREMPET can be growing two new services which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as nicely as a one hundred,000-bpd refinery in Soyo city – in 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 supply required services. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and fuel refining capacity may also reduce Angola’s vulnerability to unstable global vitality prices.
Moreover, with pressure gauge ดิจิตอล corresponding to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will enable Angola to maximise the monetization of its vitality sources. As a result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to reduce reliance on Russian resources.