Angola to increase its oil and fuel refining capacity

Angola is planning to strengthen the its oil and gas refining capacity to meet home energy demand whereas decreasing vitality imports and maximizing the monetization of vitality resources for regional and world 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 stated that building new refineries and modernizing existing ones will allow Angola to sustain its energy supply whereas lowering prices incurred from power imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to fulfill home power wants despite the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic feet of natural fuel reserves.
Angola currently has only 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 challenge, nevertheless, is underway to increase the Luanda refinery to 72,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in energy export prices.
เกจวัดแรง is also growing two new amenities which include a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as properly as 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 chosen Japanese conglomerate, JGC Holdings, to offer required providers. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and gasoline refining capability may even reduce Angola’s vulnerability to risky world vitality costs.
Moreover, with new initiatives corresponding to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s manufacturing and refining capacity will enable Angola to maximise the monetization of its energy resources. As a end result, Angola will expand the trading of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to scale back reliance on Russian assets.
Share