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Category: Corporate News

International Corporate News Oil Petroleum

Dangote Refinery Gains From Strait of Hormuz Crisis as Africa Seeks Alternative Fuel Supplies

Aliko Dangote Profits From Strait of Hormuz Disruption as African Nations Scramble for Fuel Security The closure of the Strait of Hormuz has become a major financial windfall for Nigerian billionaire Aliko Dangote, as global energy disruptions drive up refining margins and increase demand for alternative fuel suppliers. According to a senior executive at the Dangote refinery, fertiliser prices have doubled while jet fuel margins have risen sharply due to tightening global supply conditions. Speaking

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Diamonds Corporate News International

Lucara Reports Strong Financing Progress and Underground Expansion Momentum at Karowe Mine

Lucara Diamond Strengthens Balance Sheet as Karowe Underground Project Advances Toward 2028 Production Lucara Diamond Corporation has reported a “transformational” first quarter, driven by the successful completion of equity and bond financing for its Karowe underground project (UGP) in Botswana. The funding milestone has significantly strengthened the company’s balance sheet and positioned it for long-term value creation. For the three months ended March 31, Lucara recorded revenue of US$21.8 million, reflecting a higher proportion of

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Corporate News Diamonds International

Petra Diamonds Launches Cost Cuts as Debt Rises and Market Pressures Hit Operations

Petra Diamonds Reviews Capex and Considers Finsch Mine Suspension Amid Weak Diamond Prices and Rising Debt London-listed Petra Diamonds has launched an urgent review of costs and capital expenditure (capex) across its operations as it moves to protect liquidity amid sustained pricing pressure in the global diamond market. The company is also considering suspending further capex at its Finsch mine in South Africa due to escalating cost pressures. In its operational update for the quarter

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Corporate News Local Oil

Angola’s Cabinda Refinery Begins Fuel Supply as Country Expands Energy Security Strategy

Angola’s New Cabinda Refinery Starts Fuel Production, Reducing Dependence on Imports Angola’s newly commissioned Cabinda oil refinery, the first refinery built in the country since independence from Portugal 50 years ago, has officially begun supplying refined fuel products to both domestic and international markets. The development comes at a time of heightened global fuel supply concerns linked to ongoing geopolitical tensions involving Iran and the broader Middle East region. Before the launch of the Cabinda

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International Corporate News Oil

ADES Secures $92.7M Offshore Drilling Contract in Nigeria, Expands West Africa Footprint

ADES Wins $92.7 Million Nigeria Offshore Drilling Deal with Seplat, Strengthens West Africa Presence ADES International Holding has secured a $92.7 million offshore drilling contract in Nigeria with Seplat Energy Producing Nigeria Unlimited, marking a further expansion of its footprint in West Africa’s oil and gas sector. The agreement covers the operation of the Shelf Drilling Victory rig for an initial two-year period, with options for extension. The contract, originally valued at 347.6 million Saudi

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Corporate News Diamonds International

Burgundy Diamond Unit Seeks Insolvency Protection as Market Pressures Mount

Burgundy Diamond Subsidiary Arctic Canadian Files for Insolvency Protection Amid Weak Diamond Demand and Rising Costs ASX-listed Burgundy Diamond Mines has announced that its subsidiary, Arctic Canadian Diamond Company, has filed for insolvency protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) in British Columbia. The Supreme Court of British Columbia has granted the application, allowing Arctic to begin a court-supervised restructuring process. The company will now engage with lenders, creditors, and other stakeholders to explore

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International Corporate News Oil

Sintana Energy Advances Namibia Offshore Strategy as Mopane Resources Grow and New Deals Emerge

Sintana Energy Boosts Namibia Offshore Portfolio as Mopane Resources Hit 1.38bn BOE and TotalEnergies Expands Role Sintana Energy Inc. says its Namibian offshore portfolio has entered a pivotal phase, driven by significant resource growth at the Mopane discoveries, TotalEnergies’ entry into Petroleum Exploration Licence (PEL) 83, and new efforts to expand into additional acreage. In a shareholder update, the company described 2025 as a defining year that reinforced Namibia’s status as a leading frontier oil

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International Corporate News Oil

UAE Exit from OPEC Raises Volatility Risks for Global Oil Markets and African Producers

UAE OPEC Exit Sparks Supply Uncertainty as Global Oil Market Faces Demand Weakness and Rising Output Global oil markets are facing renewed uncertainty following the Organization of the Petroleum Exporting Countries exit announcement by the United Arab Emirates, a move that comes at a time of fragile supply conditions and weakening demand growth. Abu Dhabi confirmed on April 28, 2026, that it will leave OPEC effective May 1, citing the need for greater flexibility to

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International Corporate News Oil

Dangote Backs New East African Refinery Project in Tanzania

Dangote to Lead Tanzania Refinery Project as East Africa Pushes to Cut Fuel Imports Aliko Dangote has pledged to support the development of a new oil refinery in Tanzania, as African leaders intensify efforts to reduce dependence on fuel imports from the Middle East amid ongoing geopolitical tensions. According to William Ruto, the proposed refinery will be built in the port city of Tanga and connected to Mombasa via a regional pipeline network. The facility

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Oil Corporate News Gas

Libya Partners with Chevron to Assess Shale Oil and Gas Potential

Libya’s NOC and Chevron Sign Deal to Study 123 Tcf Gas and 18 Billion Barrels of Shale Resources National Oil Corporation (NOC) has signed a memorandum of understanding with Chevron to conduct a joint study on shale oil and gas potential across several of Libya’s sedimentary basins. According to an official statement, the collaboration will focus on evaluating unconventional hydrocarbon resources and identifying opportunities for future development. Preliminary estimates suggest that Libya’s basins may contain

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