Angola to increase its oil and gasoline refining capability

pressure gauge is planning to strengthen the its oil and gasoline refining capacity to fulfill home power demand whereas decreasing energy imports and maximizing the monetization of power resources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a gathering in Huambo province within the central area, the minister said that constructing new refineries and modernizing current ones will allow Angola to sustain its power supply while reducing costs incurred from power imports. To date, an absence of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy domestic power needs regardless of the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic toes of pure gasoline reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing as a lot as 65,000 barrels of crude oil per day (bpd). A $235 million project, however, is underway to increase the Luanda refinery to 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in energy export costs.
MIREMPET can be creating two new amenities which embrace a $920 million plant in Cabinda to extend Angola’s refining capability by 60,000 bpd as nicely 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 provide required providers. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gas refining capacity will also reduce Angola’s vulnerability to risky international power costs.
Moreover, with new projects such as Eni’s Ndungu early production project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will allow Angola to maximise the monetization of its energy sources. As a end result, Angola will broaden the buying and selling of ready-to-use fuels with Europe as the bloc seeks alternative vitality suppliers to scale back reliance on Russian resources.

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