Angola to increase its oil and fuel refining capability

Angola is planning to strengthen the its oil and gas refining capability to fulfill home energy demand whereas reducing energy 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 current ones will enable Angola to sustain its energy provide while decreasing prices incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill home power wants regardless of the country boasting 8.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic toes of pure fuel reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing as a lot as sixty five,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 power export costs.
MIREMPET is also growing two new services which include a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as nicely as a 100,000-bpd refinery in Soyo city – in 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 supply required companies. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gasoline refining capacity may also reduce Angola’s vulnerability to unstable international energy costs.
Moreover, with new projects such as Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will enable Angola to maximise the monetization of its vitality assets. As Formula , Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks alternative power suppliers to reduce reliance on Russian resources.
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