Angola is planning to strengthen the its oil and fuel refining capacity to satisfy domestic power demand while lowering power imports and maximizing the monetization of power sources for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a gathering in Huambo province within the central area, the minister acknowledged that constructing new refineries and modernizing current ones will enable Angola to sustain its vitality provide whereas decreasing 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 satisfy domestic power wants regardless of the country boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic feet of pure fuel reserves.
เกจ์ลมsumo at present has only one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million project, nonetheless, is underway to increase the Luanda refinery to 72,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export prices.
MIREMPET can be creating two new amenities which include a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as well as a one hundred,000-bpd refinery in Soyo city – by 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 providers. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and gasoline refining capability may also cut back Angola’s vulnerability to risky global energy prices.
Moreover, with new initiatives similar to Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will enable Angola to maximise the monetization of its power assets. As a result, Angola will increase the trading of ready-to-use fuels with Europe because the bloc seeks various vitality suppliers to reduce reliance on Russian assets.