Angola to increase its oil and fuel refining capacity

Angola is planning to strengthen the its oil and gas refining capacity to meet domestic energy demand while decreasing vitality imports and maximizing the monetization of energy assets for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at pressure gauge ยี่ห้อ tk in Huambo province within the central area, the minister acknowledged that constructing new refineries and modernizing present ones will enable Angola to sustain its vitality provide whereas reducing prices incurred from vitality imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports every year to satisfy domestic vitality needs regardless of the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic toes of pure gas reserves.
Angola presently has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and nationwide oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million challenge, 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 help Angola save $200 million in vitality export costs.
MIREMPET is also creating two new amenities which embody a $920 million plant in Cabinda to extend 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 provide required companies. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gas refining capability may even reduce Angola’s vulnerability to unstable world energy costs.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will enable Angola to maximise the monetization of its vitality resources. As a outcome, Angola will broaden the trading of ready-to-use fuels with Europe as the bloc seeks different energy suppliers to scale back reliance on Russian assets.
Share

Scroll to Top