Angola to extend its oil and gas refining capability

Angola is planning to strengthen the its oil and gas refining capacity to fulfill home vitality demand while lowering power imports and maximizing the monetization of power assets for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province in the central area, the minister acknowledged that constructing new refineries and modernizing current ones will allow Angola to maintain its energy supply whereas lowering prices incurred from vitality imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill domestic power needs regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic feet of pure gasoline reserves.
Angola currently has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and national oil company, Sonangol, processing as much as 65,000 barrels of crude oil per day (bpd). A $235 million project, nevertheless, is underway to broaden the Luanda refinery to seventy two,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in power export prices.
MIREMPET can additionally be creating two new amenities which include 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 offer required providers. With เกจ์ลมsumo -Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capability will also reduce Angola’s vulnerability to volatile world energy costs.
Moreover, with new tasks such as Eni’s Ndungu early manufacturing challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will enable Angola to maximize the monetization of its power assets. As a result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks various energy suppliers to minimize back reliance on Russian assets.
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