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Angola is planning to strengthen the its oil and fuel refining capacity to fulfill domestic vitality demand while lowering power imports and maximizing the monetization of vitality resources for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at pressure gauge ราคา ถูก in Huambo province within the central region, the minister acknowledged that building new refineries and modernizing present ones will enable Angola to sustain its vitality supply whereas decreasing prices incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet domestic vitality needs despite the country boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic feet of pure gas reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as a lot as sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nonetheless, is underway to expand the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in energy export prices.
MIREMPET is also creating two new amenities which include a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd in addition to 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 chosen Japanese conglomerate, JGC Holdings, to supply required companies. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gasoline refining capability may even scale back Angola’s vulnerability to unstable global vitality prices.
Moreover, with new tasks corresponding to Eni’s Ndungu early manufacturing venture 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 vitality resources. As a outcome, Angola will expand the trading of ready-to-use fuels with Europe as the bloc seeks alternative power suppliers to cut back reliance on Russian sources.
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