Angola is planning to strengthen the its oil and fuel refining capacity to satisfy domestic vitality demand while reducing vitality 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 gathering in Huambo province in the central region, the minister acknowledged that constructing new refineries and modernizing existing ones will enable Angola to sustain its energy provide while lowering prices incurred from energy imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy domestic vitality needs regardless of the nation boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic ft of pure fuel reserves.
Angola currently has only one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as a lot as sixty five,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 development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export prices.
MIREMPET can be growing two new amenities which include a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as properly as a one hundred,000-bpd refinery in Soyo city – in 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 chosen Japanese conglomerate, JGC Holdings, to offer required services. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gas refining capacity will also scale back Angola’s vulnerability to risky international vitality prices.
Moreover, with Unique corresponding to Eni’s Ndungu early manufacturing challenge 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 power sources. As a end result, Angola will increase the trading of ready-to-use fuels with Europe as the bloc seeks alternative vitality suppliers to reduce back reliance on Russian assets.
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