Angola to extend its oil and fuel refining capability

Angola is planning to strengthen the its oil and fuel refining capacity to fulfill domestic energy demand whereas decreasing vitality imports and maximizing the monetization of vitality assets for regional and international 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 area, the minister stated that constructing new refineries and modernizing current ones will enable Angola to sustain its vitality provide whereas reducing prices incurred from energy imports. To เกจ์วัดความดัน , a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to meet domestic energy needs regardless of the nation boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic ft of pure fuel reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and national oil firm, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nonetheless, is underway to increase the Luanda refinery to 72,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in power export costs.
MIREMPET can also be developing two new amenities which embody a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as nicely 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 selected Japanese conglomerate, JGC Holdings, to offer required services. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capacity will also reduce Angola’s vulnerability to volatile world energy prices.
Moreover, with new initiatives corresponding to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will allow Angola to maximise the monetization of its vitality sources. As a result, Angola will increase the buying and selling of ready-to-use fuels with Europe because the bloc seeks different vitality suppliers to scale back reliance on Russian assets.
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