Angola is planning to strengthen the its oil and gas refining capacity to fulfill domestic power demand while lowering vitality imports and maximizing the monetization of power sources for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. เกจ์วัดแรงดันน้ำมันเครื่อง de Azevedo has revealed.
Speaking at a gathering in Huambo province in the central region, the minister acknowledged that building new refineries and modernizing present ones will allow Angola to maintain its vitality supply while reducing costs 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 vitality wants regardless of the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic feet of natural gas reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and national oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million challenge, nevertheless, is underway to expand the Luanda refinery to seventy two,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export costs.
MIREMPET can also be creating two new amenities which embody 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 – 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 companies. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gasoline refining capacity will also reduce Angola’s vulnerability to unstable global power costs.
Moreover, with new projects corresponding to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capability will enable Angola to maximise the monetization of its energy assets. As a result, Angola will broaden the buying and selling of ready-to-use fuels with Europe as the bloc seeks alternative energy suppliers to minimize back reliance on Russian sources.
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