Angola to extend its oil and gas refining capacity

Angola is planning to strengthen the its oil and fuel refining capacity to satisfy home energy demand while lowering power 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 meeting in Huambo province in the central region, the minister acknowledged that building new refineries and modernizing current ones will enable Angola to sustain its power supply 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 every year to meet domestic energy needs regardless of the nation boasting 8.2 billion barrels of proven oil reserves and an estimated 13.5 trillion cubic toes of pure gasoline reserves.
เกจวัดแก๊สlpg has just one operational refinery, the Luanda Refinery, operated by energy firm, Fina Petroleos de Angola, and nationwide oil firm, Sonangol, processing up to sixty five,000 barrels of crude oil per day (bpd). A $235 million project, however, 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 energy export prices.
MIREMPET can also be creating two new services which embrace a $920 million plant in Cabinda to increase Angola’s refining capability by 60,000 bpd as well as a one hundred,000-bpd refinery in Soyo city – during 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 costs, boosting Angola’s oil and gasoline refining capacity may also scale back Angola’s vulnerability to volatile international energy prices.
Moreover, with new tasks similar to Eni’s Ndungu early manufacturing project and TotalEnergies’ CLOV Floating Production, Storage and Offloading unit, increasing Angola’s manufacturing and refining capacity will allow Angola to maximize the monetization of its power sources. As a result, Angola will broaden the trading of ready-to-use fuels with Europe because the bloc seeks different power suppliers to reduce reliance on Russian resources.
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