Angola to increase its oil and gasoline refining capability

Angola is planning to strengthen the its oil and gas refining capability to satisfy domestic power demand while decreasing energy imports and maximizing the monetization of power assets for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at เกจแรงดันลม in Huambo province within the central region, the minister stated that constructing new refineries and modernizing existing ones will allow Angola to maintain its power provide while decreasing costs incurred from vitality imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy home energy needs despite the nation boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic feet of natural fuel reserves.
Angola at present has just one operational refinery, the Luanda Refinery, operated by power company, Fina Petroleos de Angola, and national oil company, Sonangol, processing as much as 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 growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in vitality export costs.
MIREMPET can be creating two new facilities which include a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd in addition to a 100,000-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 selected Japanese conglomerate, JGC Holdings, to provide required services. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capability may even scale back Angola’s vulnerability to unstable international power costs.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will enable Angola to maximize the monetization of its power assets. As a outcome, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks various power suppliers to reduce reliance on Russian sources.
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