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Angola to extend its oil and fuel refining capacity

Angola is planning to strengthen the its oil and fuel refining capability to meet home power demand whereas reducing energy imports and maximizing the monetization of power resources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at pressure gauge 2.5 นิ้ว in Huambo province within the central area, the minister acknowledged that building new refineries and modernizing existing ones will allow Angola to sustain its energy provide while decreasing prices incurred from vitality imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill home vitality wants despite the country boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of natural fuel reserves.
Angola at present has only one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and national oil company, Sonangol, processing as a lot as sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nonetheless, 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 can be growing two new services which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd in addition to a a hundred,000-bpd refinery in Soyo metropolis – 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 providers. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capacity will also cut back Angola’s vulnerability to unstable international vitality prices.
Moreover, with new tasks corresponding to Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capacity will allow Angola to maximise the monetization of its power resources. As a result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to minimize back reliance on Russian resources.