Angola is planning to strengthen the its oil and gasoline refining capacity to meet domestic energy demand while reducing energy imports and maximizing the monetization of vitality resources 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 region, the minister said that building new refineries and modernizing existing ones will allow Angola to sustain its vitality supply whereas lowering costs incurred from energy imports. To Now , a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to meet home vitality needs regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of pure gas reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and national oil firm, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million challenge, however, is underway to expand the Luanda refinery to 72,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export prices.
MIREMPET can also be developing two new facilities which include a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a 100,000-bpd refinery in Soyo city – during 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 the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capability will also scale back Angola’s vulnerability to volatile world vitality costs.
Moreover, with new initiatives corresponding to Eni’s Ndungu early manufacturing challenge 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 power resources. As a outcome, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks alternative vitality suppliers to scale back reliance on Russian assets.
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