To alleviate the consequences of removing the petrol subsidy, the federal government has announced its intention to temporarily exempt diesel from value-added tax (VAT) for the next six months. Femi Gbajabiamila, the Chief of Staff to President Tinubu, revealed this development as part of the waivers from the resolution reached between the Federal Government and leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at the end of a four-hour meeting held
Botswana’s government is reassessing a proposed deal with HB Antwerp after Lucara Diamond terminated its sales agreement with the Belgian gem trader, citing financial irregularities, President Mokgweetsi Masisi said last week. Lucara Diamond said on Thursday it had ended its agreement with HB Trading BV, a unit of HB Antwerp, following what it called “a material breach of financial commitments by HB”. HB did not immediately respond to requests for comment. In March Botswana, the world’s
Oil and gas supermajor TotalEnergies has finalized the sale of a 40% stake in Block 20 – situated in the Kwazna Basin, offshore Angola – to global energy group, Petonas, for $400 million. Following the transaction, TotalEnergies will retain operatorship of the block and a 40% interest in the concession. Petronas will own a 40% stake while Angolan National Oil Company, Sonangol, will hold its 20% stake in the block. TotalEnergies is pleased to welcome
Canadian diamond miner Lucara Diamond has terminated the sales agreement with HB Trading, following a “material breach of financial commitments” by HB. Lucara says it will continue to use its established mechanisms to sell Karowe’s rough diamond production, namely through its Clara diamond sales platform, traditional tenders and other value-added mechanisms for stones. “The Lucara production profile is unique in the diamond industry and the company will continue to look at innovative sales mechanisms to maximise the
The National Oil, Gas and Biofuels Agency (ANPG) announced that it had maintained contacts with representatives of companies specializing in onshore oil exploration and production, in the city of Calgary, Canada, in meetings held to request investment in the Angolan hydrocarbon industry. the meeting took place on the 19th of this month, with the partnership of the Calgary Petroleum Club, with discussions focusing on the potential of the hydrocarbons sector within the framework of the
The company Oceaneering International announced the signing of two contracts worth 100 million US dollars for the provision of offshore support services, in oil and gas projects, in Angola and Guyana (overseas region of France on the Northeast coast of South America). According to news on the PetroAngola website, in the first contract, Oceaneerin will provide transport and installation services as part of the project to extend the useful life of the Girassol field offshore
ENDIAMA has held a meeting, last month in Dundo- Lunda Norte province, to take stock of the half-yearly diamond production of the mining companies operating in Angola. In addition to maximizing the exchange of experiences, the aim of the meeting was to evaluate the functioning and discuss the procedures applied by the diamond producing companies. The event was led by the Chairman of the Board of Directors of ENDIAMA- E.P, Ganga Júnior, and was also
A fancy-vivid-blue diamond with a high estimate of $50 million will be the star of an upcoming Geneva jewelry auction at Christie’s. The pear-shaped, 17.61-carat Bleu Royal diamond is the largest internally flawless gem of its color ever to appear at auction, Christie’s said Monday. It will headline the November 7 Magnificent Jewels sale. The stone has spent the past 50 years in a private collection. Now set in a ring, it is entering the
Petra Diamonds gave a downbeat outlook after weak rough demand drove the company into the red in the most recent financial year. Revenue slid 42% to $325.3 million for the 12 months that ended June 30, the miner reported Friday. Sales volume dropped 33% to 2.3 million carats, with the average price falling 14% to $139 per carat. The slump reflected decrease in production, the deferral of sales to the 2024 fiscal year due to
Inventory in the diamond trade will remain high for the time being amid reduced retail demand, but the market will eventually rebound, De Beers has predicted. “While there have been some positive signals in some countries, with US inflation continuing to fall and the economy proving more resilient than anticipated, 2023 consumer demand for natural diamonds is expected to be below the record levels seen in 2021 and 2022,” the miner said in its annual Diamond Insight
