Angola is planning to strengthen the its oil and gas refining capability to fulfill domestic power demand whereas reducing energy imports and maximizing the monetization of vitality assets 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 region, the minister acknowledged that building new refineries and modernizing present ones will allow Angola to sustain its vitality supply while lowering costs incurred from energy imports. To xp2i , a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to meet domestic energy wants despite the country boasting 8.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic toes of natural gasoline reserves.
Angola currently has only one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as much as sixty five,000 barrels of crude oil per day (bpd). A $235 million challenge, nevertheless, is underway to expand the Luanda refinery to seventy two,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in power export costs.
MIREMPET can also be developing two new amenities which embrace a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd as properly as a 100,000-bpd refinery in Soyo city – in 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 supply required providers. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capability will also cut back Angola’s vulnerability to unstable international vitality costs.
Moreover, with new projects corresponding to Eni’s Ndungu early manufacturing challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s production and refining capability will enable Angola to maximise the monetization of its vitality sources. As a end result, Angola will increase the trading of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to minimize back reliance on Russian sources.
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