Angola to extend its oil and gasoline refining capacity

Angola is planning to strengthen the its oil and gas refining capability to meet domestic vitality demand whereas reducing vitality 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 gathering in Huambo province in the central region, the minister stated that constructing new refineries and modernizing existing ones will allow Angola to sustain its power supply whereas reducing prices incurred from power imports. To date, an absence of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to satisfy home vitality needs despite the nation boasting 8.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic toes of pure gasoline reserves.
pressure gauge trerice ราคา has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million project, nevertheless, is underway to broaden the Luanda refinery to seventy two,000 bpd – a growth which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in power export costs.
MIREMPET can additionally be growing two new services which embrace a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd in addition to a one hundred,000-bpd refinery in Soyo city – in 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 supply required companies. With the Russia-Ukraine tensions inflicting a spike in oil costs, boosting Angola’s oil and fuel refining capability will also reduce Angola’s vulnerability to unstable global power prices.
Moreover, with new tasks such as Eni’s Ndungu early production challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will allow Angola to maximize the monetization of its energy sources. As a end result, Angola will broaden the buying and selling of ready-to-use fuels with Europe because the bloc seeks different vitality suppliers to cut back reliance on Russian resources.
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