diaphragm seal is planning to strengthen the its oil and gas refining capacity to satisfy home vitality demand whereas reducing energy imports and maximizing the monetization of vitality sources 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 building new refineries and modernizing present ones will allow Angola to maintain its energy supply while lowering costs incurred from vitality imports. To pressure gauge 10 bar , a scarcity of infrastructure has resulted in Angola spending over $1.7 billion on oil imports per annum to fulfill home power needs despite the country boasting 8.2 billion barrels of proven oil reserves and an estimated thirteen.5 trillion cubic feet of pure gas reserves.
Angola presently has just one operational refinery, the Luanda Refinery, operated by vitality company, Fina Petroleos de Angola, and national oil firm, Sonangol, processing as a lot as sixty five,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 improvement which the Ministry of Mineral Resources, Oil and Gas says will help Angola save $200 million in energy export costs.
MIREMPET can also be developing two new services which embrace 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 metropolis – during 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 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 fuel refining capacity will also scale back Angola’s vulnerability to unstable global energy prices.
Moreover, with new initiatives such as Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, expanding Angola’s production and refining capacity will enable Angola to maximise the monetization of its vitality resources. As a result, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks different energy suppliers to reduce reliance on Russian assets.