Angola is planning to strengthen the its oil and gasoline refining capacity to satisfy domestic vitality demand whereas lowering vitality imports and maximizing the monetization of power resources for regional and international markets – Minister of Mineral Resources, Oil and Gas, H.E. เกจวัดแรงอัดกระบอกสูบ de Azevedo has revealed.
Speaking at a meeting in Huambo province within the central region, the minister said that building new refineries and modernizing current ones will enable Angola to sustain its vitality supply while lowering costs 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 fulfill domestic vitality needs despite the nation boasting 8.2 billion barrels of confirmed oil reserves and an estimated 13.5 trillion cubic toes of natural fuel reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by vitality firm, Fina Petroleos de Angola, and national 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 72,000 bpd – a development which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in power export prices.
MIREMPET is also developing two new services which embody a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as well as a one hundred,000-bpd refinery in Soyo metropolis – by 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 chosen Japanese conglomerate, JGC Holdings, to provide required services. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and fuel refining capacity will also scale back Angola’s vulnerability to risky world energy costs.
Moreover, with new initiatives similar to Eni’s Ndungu early production venture and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capability will allow Angola to maximise the monetization of its power resources. As a result, Angola will increase the trading of ready-to-use fuels with Europe because the bloc seeks alternative vitality suppliers to reduce reliance on Russian assets.