Angola to extend its oil and gasoline refining capability

Angola is planning to strengthen the its oil and fuel refining capacity to fulfill domestic vitality demand while lowering power 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 within the central area, the minister said that constructing new refineries and modernizing existing ones will allow Angola to maintain its vitality supply while reducing costs incurred from energy imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill domestic energy needs despite the nation boasting 8.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic feet of pure fuel reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power firm, Fina Petroleos de Angola, and national oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million venture, however, is underway to broaden 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 developing two new facilities which embody a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd in addition to a 100,000-bpd refinery in Soyo metropolis – 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 chosen Japanese conglomerate, JGC Holdings, to supply required services. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capacity may also reduce Angola’s vulnerability to volatile global energy costs.
Moreover, with new tasks similar to Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will enable Angola to maximise the monetization of its power assets. As pressure gauge ดิจิตอล , Angola will increase the trading of ready-to-use fuels with Europe because the bloc seeks different vitality suppliers to reduce reliance on Russian assets.

Leave a Comment