Angola is planning to strengthen the its oil and fuel refining capability to meet domestic energy demand whereas reducing power imports and maximizing the monetization of energy 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 area, the minister said that building new refineries and modernizing present ones will enable Angola to sustain its vitality supply while lowering prices 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 meet home vitality needs regardless of the country boasting 8.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic ft of pure fuel reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by vitality company, 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 challenge, however, is underway to broaden 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 power export prices.
MIREMPET can be creating two new facilities which include a $920 million plant in Cabinda to increase Angola’s refining capacity by 60,000 bpd in addition to a 100,000-bpd refinery in Soyo metropolis – by which the ministry awarded US-based Quanten Consortium Angola the tender to assemble.
In diaphragm seal , a 200,000-bpd refinery is being developed in Lobito province with Sonangol having selected Japanese conglomerate, JGC Holdings, to offer required companies. With the Russia-Ukraine tensions causing a spike in oil costs, boosting Angola’s oil and gasoline refining capability may also scale back Angola’s vulnerability to risky international energy costs.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing challenge and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capability will allow Angola to maximise the monetization of its power resources. As a outcome, Angola will increase the buying and selling of ready-to-use fuels with Europe as the bloc seeks alternative energy suppliers to reduce reliance on Russian resources.
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