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Angola to extend its oil and gas refining capacity

Angola is planning to strengthen the its oil and fuel refining capability to fulfill home vitality demand while lowering 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 acknowledged that constructing new refineries and modernizing current ones will enable Angola to maintain its power provide while reducing costs incurred from power imports. To date, a lack of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to meet domestic vitality wants regardless of the nation boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic ft of pure gasoline reserves.
Angola currently has just one operational refinery, the Luanda Refinery, operated by energy company, Fina Petroleos de Angola, and national oil company, Sonangol, processing up to 65,000 barrels of crude oil per day (bpd). A $235 million venture, nevertheless, is underway to broaden the Luanda refinery to 72,000 bpd – a improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in power export prices.
MIREMPET can additionally be creating two new services which embrace a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as nicely as a a hundred,000-bpd refinery in Soyo metropolis – 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 supply required services. With ไดอะแฟรม ซีล -Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gas refining capacity will also cut back Angola’s vulnerability to volatile world power costs.
Moreover, with new tasks 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 enable Angola to maximize the monetization of its vitality assets. As a end result, Angola will increase the buying and selling of ready-to-use fuels with Europe as the bloc seeks alternative energy suppliers to minimize back reliance on Russian resources.
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