Angola to extend its oil and gasoline refining capacity

Angola is planning to strengthen the its oil and gasoline refining capability to satisfy home vitality demand whereas reducing power imports and maximizing the monetization of vitality sources 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 said that building new refineries and modernizing existing ones will allow Angola to sustain its vitality provide while lowering prices incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to meet home power wants despite the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic ft of natural gasoline reserves.
Angola presently has just one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as a lot as 65,000 barrels of crude oil per day (bpd). A $235 million challenge, however, is underway to broaden 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 is also developing two new services which embrace a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as properly as a 100,000-bpd refinery in Soyo city – during which the ministry awarded US-based Quanten Consortium Angola the tender to construct.
In addition, a 200,000-bpd refinery is being developed in Lobito province with Sonangol having selected Japanese conglomerate, JGC Holdings, to supply required providers. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and fuel refining capacity may also scale back Angola’s vulnerability to volatile international vitality costs.
Moreover, with weksler pressure gauge ราคา to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capability will allow Angola to maximize the monetization of its vitality sources. As a end result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks various vitality suppliers to cut back reliance on Russian resources.
Share

Leave a Comment