Angola Reaches Agreement with JPMorgan to Extend $1 Billion Loan as Eurobond Yields Fall Angola has reached an agreement in principle with JPMorgan Chase & Co. to roll over a $1 billion loan that was set to mature at the end of this year, the country’s finance ministry announced. Details of the renewed arrangement—including maturity, interest rate, and collateral—are still being finalized, a ministry spokesperson said. The original loan, signed in December, was structured as
Dangote Refinery to Double Capacity to 1.4 Million BPD Through Strategic Global Partnerships Nigeria’s Dangote Group is fast-tracking its ambition to build the world’s largest single-location refinery, leveraging strategic international partnerships to expand production and strengthen its regional energy footprint. During a press briefing in Mumbai, Aliko Dangote confirmed the signing of a new contract with Engineers India Ltd (EIL) to double the refinery’s capacity to 1.4 million barrels per day (bpd) within three years.
Angola Launches $4 Billion Soyo Gas Plant to Strengthen LNG Production and Industrial Growth Angolan President João Lourenço has inaugurated a $4 billion gas processing plant in Soyo, marking a major step in the country’s strategy to diversify its energy sector beyond crude oil. The project positions Angola to become a key player in Africa’s natural gas and liquefied natural gas (LNG) markets. Developed by the Novo Consórcio de Gás (NCG), the facility has the
Egypt’s Gulf of Suez Oil Discovery to Boost Crude Production by 3,000 BPD Egypt, North Africa’s third-largest oil producer, has announced a new offshore oil discovery in the Gulf of Suez, expected to add around 3,000 barrels per day (bpd) to the country’s crude oil production. The well, named Northeast Ramadan Crystal (NER-1X), is located in the North-East Ramadan Concession and was drilled by the Gulf of Suez Petroleum Company (GUPCO), a joint venture between
Angola Completes First 100 km of EN-250, Linking Luau and Luacano Along the Lobito Corridor Luacano – The municipalities of Luau and Luacano, located in Angola’s newly established Moxico Leste province, are now connected by road for the first time following the completion of nearly 100 kilometers of asphalt on National Road (EN) 250. EN 250 forms part of the strategic Lobito Corridor, linking the provinces of Moxico Leste, Moxico, Bié, Huambo and Benguela. The
Botswana to Acquire Anglo American’s Entire 85% Stake in De Beers, Plans to Share Ownership with Partners President Duma Boko has announced that Botswana intends to purchase Anglo American’s entire 85% shareholding in De Beers Group, a move he says will position the country as a global leader in the diamond industry. Addressing Parliament this afternoon, President Boko explained that Botswana has developed a strong business case for taking full ownership of De Beers. “We
EU Praises Lobito Corridor as Flagship Global Gateway Initiative During First Certified Avocado Export Ceremony The European Union (EU) Ambassador to Angola, Rosario Bento Pais, has described the Lobito Corridor as one of the flagship initiatives of the EU’s Global Gateway strategy in Africa and a leading example of shared investment priorities. Speaking at the Port of Lobito during a ceremony marking the export of the first shipment of certified Angolan avocados to Rotterdam in
IMF Chief Praises Angola’s Economic Reforms and Urges Continued Structural Transformation International Monetary Fund (IMF) Managing Director Kristalina Georgieva has concluded her first three-day visit to Angola, where she praised the government’s ongoing efforts to reform the economy and reduce its dependence on oil since 2017. Georgieva noted that Angola’s reform momentum has delivered clear progress, but stressed that continued action is essential as the global economy undergoes rapid change. “Angola must move forward with
EU’s Ursula von der Leyen Says African Economic Integration Could Generate Over USD 450 Billion The President of the European Commission, Ursula von der Leyen, said today in Luanda that full African economic integration could generate more than USD 450 billion in additional income for the continent. Speaking at the opening session of the African Union–European Union Business Forum 2025, von der Leyen explained that this integration will advance through the African Continental Free Trade
Global Diamond Industry Agreed to Reform Kimberley Process and Redefine Conflict Diamonds Diamond-producing countries, industry representatives, and civil society agreed on Monday in the United Arab Emirates to reform the Kimberley Process (KP) and to redefine the concept of conflict diamonds in order to address current global challenges. The decision was taken during the ministerial plenary meeting on the Kimberley Process, held from 17 to 21 November. According to a note accessed by ANGOP on
