Angola is planning to strengthen the its oil and fuel refining capacity to fulfill domestic energy demand whereas decreasing energy imports and maximizing the monetization of energy resources for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at pressure gauge ไฮ ด รอ ลิ ค in Huambo province in the central area, the minister said that constructing new refineries and modernizing present ones will allow Angola to maintain 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 every year to fulfill home power needs regardless of the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic ft of pure fuel reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million project, however, 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 energy export costs.
MIREMPET is also developing two new services which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to 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 inflicting a spike in oil prices, boosting Angola’s oil and fuel refining capacity may even scale back Angola’s vulnerability to volatile global energy prices.
Moreover, with new tasks such as 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 end result, Angola will expand the buying and selling of ready-to-use fuels with Europe as the bloc seeks alternative energy suppliers to scale back reliance on Russian sources.
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