Angola is currently undertaking 38 gold prospecting projects worth $120 million and is developing a refinery expected to be operational by 2025, according to the Minister of Mineral Resources, Oil, and Gas. The announcement was made during the 1st edition of “Conversations without Makas,” an event promoted by economist Carlos Rosado de Carvalho. “We are building a gold refinery in Luanda. Production is still very small, but the potential is great in several provinces,” the
Sonangol has sold 49 assets within its group but will only proceed with privatization after resolving the issue of fuel subsidies, according to the state oil company’s financial director. Initially scheduled for this year, the privatization, involving the dispersal of 30% of Sonangol’s capital on the stock exchange, has been postponed until 2026. “There is a very important issue related to subsidies for fuels that needs to be addressed,” Baltazar Miguel told Lusa. The discrepancy
On Monday, Brent crude oil, a key benchmark for Angolan exports, fell by approximately 1.76%, reaching its lowest price since January. Concerns over a potential recession in the United States contributed to this decline. According to Banca March, cited by Efe, recent data indicating a slowdown in US employment and industrial activity, coupled with weak growth signs in China, have fueled investor fears of reduced oil demand. At 1 PM today, Brent crude was trading
On Thursday, August 1, the Assembly of the Republic, Mozambique’s parliament, unanimously approved the definitive revision of the Electricity Law. This legislation establishes the general organization and legal framework for electricity supply activities in the country. Minister of Mineral Resources and Energy, Carlos Zacarias, presented the justification for the proposed revision, explaining that it is based on Article 51, Section 4 of the law. This section deals with exceptional situations allowing the adoption of different
On Thursday, Mozambican President Filipe Nyusi inaugurated a solar power station in the Bazaruto Archipelago, located in the Inhassoro district of Inhambane province. The solar power station, a result of a partnership between the state-owned electricity company EDM and the National Energy Fund (FUNAE), will enable over 400 new electricity connections in the surrounding communities of Pangaia and Sithone. President Nyusi emphasized the positive impact of the new power plant, stating that it will bring
A consortium of two Mota-Engil companies has won the tender to revitalize the Porto-Amboim Naval Shipyard (Paenal), an infrastructure designed for the oil industry, announced Sonangol. In a statement, the state-owned oil company revealed that four companies participated in the tender for Paenal’s revitalization, which includes implementing a maintenance, repair, and shipbuilding project. Two companies were disqualified for not meeting the requirements. Sonangol deemed the consortium of Mota-Engil, Engenharia e Construção Africa, S.A., and Mota-Engil
In the second quarter of 2024, Angola imported 1.1 million metric tons of fuel valued at $689 million, reflecting an 8% decline from the previous quarter, according to official data. The Regulatory Institute for Petroleum Derivatives (IRDP) reported that 59.4% of the total volume was diesel, 22.2% gasoline, 12.3% fuel oil, 3.8% Jet-A1, 1.2% asphalt bitumen, and the remainder illuminating oil. The origin of these fuel acquisitions was 35.4% from the Luanda Refinery, 0.8% from
Pumangol reported a significant 45% increase in jet fuel (Jet-A1) sales over three months. In the second quarter of this year, the company earned 7.2 billion kwanzas from Jet-A1 sales, marking a notable rise compared to the previous quarter. The surge in sales is attributed to the acquisition of new customers and an increase in the number of weekly flights by existing customers, according to a statement cited by Angop. Despite a 19% year-to-date decrease
Investments in Angola’s active oil concessions, excluding new blocks auctioned, reached $47 billion between 2018 and 2022 and are projected to exceed $72 billion between 2023 and 2027. This information was provided by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during the first edition of “Conversations without Makas,” hosted by economist Carlos Rosado de Carvalho. The event focused on the future contributions of oil, gas, and critical minerals to Angola’s economy. Azevedo
The Minister of Mineral Resources and Oil, Diamantino Azevedo, acknowledged difficulties in financing refineries but assured that the government remains focused on achieving self-sufficiency in refined products. He emphasized that these projects would be successfully completed. Speaking at the inaugural “Conversas sem Makas,” a forum initiated by journalist and economist Carl Rosado de Carvalho, Minister Azevedo reviewed his tenure since 2017. He highlighted the importance of Angola’s mineral resources, describing them as a “blessing” that
