Angola is planning to strengthen the its oil and gas refining capability to satisfy domestic vitality demand whereas reducing energy imports and maximizing the monetization of energy assets for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province within the central region, the minister acknowledged that constructing new refineries and modernizing current ones will enable Angola to sustain its power supply whereas decreasing prices incurred from energy imports. To date, an absence of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill domestic energy wants regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic ft of pure gasoline reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million venture, however, is underway to increase the Luanda refinery to seventy two,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export costs.
MIREMPET is also growing two new facilities which embrace a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as properly as a one hundred,000-bpd refinery in Soyo metropolis – by 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 provide required companies. With differential pressure gauge ราคา -Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gas refining capability may even scale back Angola’s vulnerability to unstable world energy prices.
Moreover, with new initiatives 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 resources. As a end result, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks alternative energy suppliers to minimize back reliance on Russian sources.
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