Oil prices ended the week with a 1% increase, closing at $82.12 per barrel, although they experienced a weekly decline due to concerns that strong US economic data could lead to prolonged high interest rates, subsequently reducing fuel demand. Brent crude futures for July delivery rose by $0.76 on Friday, reaching $82.12 per barrel. International experts anticipate an increase in summer demand in the United States starting this weekend, leading some investors to question whether
TotalEnergies introduced the “100 Years, 100 Entrepreneurs” project to young entrepreneurs in Cuando Cubango on Friday. This initiative aims to transform innovative business ideas into successful enterprises. The project is currently in its application phase, and the presentation was led by project coordinator Márcio Castro during a meeting between TotalEnergies and the youth community in Menongue. The event focused on fostering investment in the private sector to drive economic and social development. The program targets
The municipality of Luena in Moxico province has launched a 25.3 megawatt Solar Photovoltaic Park, now operational and capable of serving more than 171,000 consumers. This new installation, costing over 36 million euros, features 43,680 solar panels. It is expected to save the province approximately 19.5 million liters of fuel annually and prevent the emission of more than 68 tons of carbon dioxide each year. With the new park, Moxico gains an additional source of
The Port of Lobito unveiled its new “Landlord Port” management model, called the Senhorio program, during the 13th edition of the Benguela International Fair (FIB) 2024. This model shifts the port’s role from direct container handling operations to overseeing and regulating maritime and port activities. Implemented in the last quarter of the previous year, the Senhorio program delegates container loading and unloading operations to concessionaires. África Global Logistics (AGL) now manages the Multipurpose Terminal for
Energy engineering and technology company TechnipFMC has successfully delivered the first Subsea 2.0 Production System to TotalEnergies. This innovative system aims to simplify, compact, and enhance submarine equipment, boosting production for the CLOV project in Block 17 offshore Angola. The Subsea 2.0 Production System results from a contract signed between TechnipFMC and TotalEnergies, under a framework agreement established in May 2022. This system is crucial for developing Phase 3 of the CLOV project in Block
The Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, emphasized the urgent need for greater investment in the transformation of Angola’s mineral resources through the construction of more processing factories. Speaking at the IX Extended Consultative Council in Cuito, Bié province, Azevedo highlighted the critical issue of Angola and Africa being predominantly raw material producers, exporting these materials to industrialized nations that reap the maximum benefits. “Currently, our country still imports around 20 percent
The Luena Solar-Photovoltaic Energy Park in Moxico, with an installed capacity of 25.3 megawatts peak (MWp) and the potential to supply electricity to 59,463 customers, was officially activated on Friday last week. This project is part of the Angola 2025 Plan, a government initiative aimed at diversifying the country’s energy mix and ensuring that 82 percent of the rural population has access to electricity. According to a statement from the Ministry of Energy and Water,
Osvaldo Mateus, president of the Association Núcleo dos Camionistas de Luanda (ANCL), has called on the government to provide institutional financing for acquiring new truck fleets, replacing those that are over 30 years old. In an interview with Jornal de Angola, Mateus highlighted that despite some ANCL members owning five to ten trucks, the majority of vehicles are over three decades old and in dire need of replacement. He emphasized the “notorious shortage of parts
The United States is reconsidering the strictest aspects of a G7-imposed ban on Russian diamonds, following resistance from African countries, Indian gem polishers, and New York jewelers, according to seven sources cited by Reuters. The sanctions package, agreed upon in December and including an EU-wide ban, represents a major shift in the diamond industry. Two sources familiar with the negotiations stated that the U.S. has largely disengaged from G7 working groups on stringent controls, with
Angola is committed to maintaining stability in contracts with external investors while investing in new technologies to enhance the oil sector. This was announced by the Minister of Mineral Resources, Oil, and Gas, Diamantino Pedro Azevedo, during the opening of the “1st Offshore Exploration Forum in Angola” held in Luanda. Minister Azevedo emphasized that the strength of Angola’s oil sector lies in the stability of its contracts with companies. He assured that this cooperation would
