Angola to increase its oil and fuel refining capacity

Angola is planning to strengthen the its oil and gasoline refining capability to satisfy domestic energy demand while reducing vitality imports and maximizing the monetization of vitality assets for regional and international 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 maintain its energy provide whereas reducing costs incurred from vitality imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to meet home energy wants regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of natural gas reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). Unexplored , nonetheless, is underway to broaden the Luanda refinery to seventy two,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 growing two new services which embody a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as properly as a one hundred,000-bpd refinery in Soyo city – during 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 offer required companies. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and fuel refining capability may even cut back Angola’s vulnerability to risky world power costs.
Moreover, with new projects such as Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capability will allow Angola to maximize the monetization of its energy assets. As a end result, Angola will increase the trading of ready-to-use fuels with Europe as the bloc seeks different power suppliers to reduce reliance on Russian resources.

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