Angola to increase its oil and fuel refining capacity

Angola is planning to strengthen the its oil and gas refining capacity to meet domestic vitality demand whereas reducing vitality imports and maximizing the monetization of power assets for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. pressure gauge digital ราคา de Azevedo has revealed.
Speaking at a meeting in Huambo province within the central area, the minister said that building new refineries and modernizing present ones will enable Angola to sustain its energy supply while reducing prices incurred from energy imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to satisfy home vitality needs despite the nation boasting 8.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic toes of pure gasoline reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing as much as 65,000 barrels of crude oil per day (bpd). A $235 million challenge, however, is underway to increase the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export prices.
MIREMPET is also growing two new services which include a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as nicely as a a 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 selected Japanese conglomerate, JGC Holdings, to provide required providers. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capacity will also reduce Angola’s vulnerability to risky international vitality prices.
Moreover, with new projects such as Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capacity will allow Angola to maximize the monetization of its energy assets. As a result, Angola will increase the buying and selling of ready-to-use fuels with Europe as the bloc seeks various vitality suppliers to reduce reliance on Russian assets.
Share

Leave a Comment