ไดอะแฟรม is planning to strengthen the its oil and gas refining capacity to satisfy home power demand while lowering vitality imports and maximizing the monetization of vitality sources for regional and world markets – Minister of Mineral Resources, Oil and Gas, H.E. diaphragm seal de Azevedo has revealed.
Speaking at a gathering in Huambo province in the central region, the minister stated that constructing new refineries and modernizing present ones will allow Angola to maintain its power supply while decreasing costs incurred from power imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill domestic power wants despite the nation boasting eight.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of pure fuel reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing as a lot as 65,000 barrels of crude oil per day (bpd). A $235 million project, nevertheless, is underway to broaden the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export prices.
MIREMPET is also growing two new facilities which embrace a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as properly as 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 chosen Japanese conglomerate, JGC Holdings, to supply required providers. With the Russia-Ukraine tensions inflicting a spike in oil prices, boosting Angola’s oil and fuel refining capacity may even cut back Angola’s vulnerability to unstable international power prices.
Moreover, with new tasks corresponding to Eni’s Ndungu early manufacturing venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will enable Angola to maximise the monetization of its energy resources. As a end result, Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to minimize back reliance on Russian assets.