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Angola to increase its oil and gasoline refining capacity

Angola is planning to strengthen the its oil and gasoline refining capability to fulfill home vitality demand while reducing vitality imports and maximizing the monetization of vitality resources for regional and global markets – Minister of Mineral Resources, Oil and Gas, H.E. Diamantino de Azevedo has revealed.
Speaking at a meeting in Huambo province in the central area, the minister stated that building new refineries and modernizing existing ones will allow Angola to maintain its power provide while decreasing prices incurred from vitality imports. To date, a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports each year to fulfill domestic energy wants despite the country boasting eight.2 billion barrels of confirmed oil reserves and an estimated thirteen.5 trillion cubic feet of natural gasoline reserves.
Angola currently has only one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and national oil company, Sonangol, processing as much as sixty five,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 growth which the Ministry of Mineral Resources, Oil and Gas says will assist Angola save $200 million in vitality export prices.
MIREMPET can be creating two new facilities which include a $920 million plant in Cabinda to extend Angola’s refining capacity by 60,000 bpd as properly as a a hundred,000-bpd refinery in Soyo metropolis – by 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 selected Japanese conglomerate, JGC Holdings, to offer required companies. With the Russia-Ukraine tensions causing a spike in oil prices, boosting Angola’s oil and gas refining capacity will also scale back Angola’s vulnerability to unstable world energy prices.
Moreover, with new initiatives similar to Eni’s Ndungu early production venture 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 assets. As ไดอะแฟรม , Angola will expand the trading of ready-to-use fuels with Europe as the bloc seeks various energy suppliers to reduce back reliance on Russian sources.
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