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Category: Corporate News

Corporate News International Oil

Dangote Refinery Halts Petroleum Sales in Naira to Align with Dollar-Based Crude Costs

Dangote Petroleum Refinery has temporarily paused the sale of petroleum products in Naira to address discrepancies between its sales revenue and crude oil purchase obligations, which are currently priced in U.S. dollars. In a statement issued to customers on Wednesday, the refinery’s management explained that the value of petroleum products sold in Naira had surpassed the worth of Naira-denominated crude it had received, prompting the need for the adjustment. The statement also refuted claims circulating

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Corporate News International Oil

Vitol Acquires Stakes in Eni’s West African and Congo Assets for $1.65 Billion

Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo. The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks. Under the agreement, Vitol will acquire: This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4

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Corporate News Diamonds International

Petra Diamonds to Cut 468 Jobs Amid Market Challenges

Petra Diamonds plans to lay off approximately 468 workers at its Cullinan and Finsch mines in South Africa, according to the National Union of Mineworkers (NUM). NUM claims Petra intends to replace many of its permanent employees with contract labor to cut costs. The union attributes the job cuts to weak diamond market conditions, operational underperformance, upcoming debt refinancing, and cost-cutting measures. “The NUM believes these justifications are pretexts to sacrifice workers and shield executives

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Corporate News Local Mining Projects

Pensana Secures Full Financing for Angola’s Longonjo Rare Earth Project

London-listed Pensana has secured full financing of $268 million for the development of its Longonjo rare earth project in Angola, marking a significant step forward for the global magnet metal supply chain. The Africa Finance Corporation (AFC) has approved a $81.2 million contribution to a $160 million syndicated loan facility, alongside South Africa’s Absa Bank. This facility will cover 60% of Phase 1 funding, subject to final loan documentation and conditions precedent. The remaining funding

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Corporate News Diamonds Local

Lucapa Secures Majority Stake in Angola’s Lulo Diamond Project

Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%. During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details. The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing. A signing ceremony is expected soon, with Lucapa set

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Corporate News Diamonds Local

Saudi Arabia’s Taaden Replaces Alrosa in Angola’s Diamond Sector

The exit of Russian diamond company Alrosa from Angola’s Catoca and Luele mines was officially finalized on Monday through the signing of three agreements between Endiama, Angola’s national diamond company, and Taaden, a state-owned mining company from Saudi Arabia. Endiama Chairman José Ganga Júnior explained that Alrosa’s departure was driven by operational difficulties stemming from sanctions imposed on Russia. Over the past 15 months, efforts were made to secure a viable solution for Catoca and

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International Corporate News Exploration Oil

Pancontinental Invests Over $5M in Namibia’s PEL 87 Exploration

Pancontinental has invested more than $5 million in the exploration of PEL 87 in Namibia’s Orange Basin during the first licence period. Awarded in early 2018, PEL 87 is a joint venture permit covering 10,970 km², with an eight-year exploration term divided into three periods, plus possible extensions. It can be converted into a production licence under pre-agreed terms. The permit is currently in its first additional exploration phase. Located on-trend with major hydrocarbon discoveries

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Corporate News Local News Oil

Afentra in Talks to Acquire Angolan Oil Blocks from Etu Energias

Afentra plc has confirmed ongoing negotiations to acquire interests in Blocks 3/05 and 3/05A from Etu Energias, though a final agreement is not yet guaranteed. The company intends to finance the acquisition using existing cash reserves, pending regulatory and government approvals. In collaboration with Sonangol and joint venture partners, Afentra is developing a strategic plan to boost production, expand reserves, and maximize asset value in these blocks. As an upstream oil and gas company, Afentra

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Corporate News Diamonds Local

TAGS & Sodiam Sell $15.4M in Rough Diamonds at 2025 Luanda Tender

Trans Atlantic Gem Sales (TAGS) and Angola’s state-owned diamond trader, Sodiam, successfully sold more than $15.4 million worth of large rough diamonds at their first tender of the year. The sale, held from March 5 to 13 in Luanda, featured 36 diamonds over 10 carats, including seven stones exceeding 60 carats. Approximately 95% of the goods found buyers. TAGS, which markets production from seven Angolan mines—Lulo, Tchegi, Somiluana, Kaixepa, Chitotolo, Catoca, and Luele—saw contributions from

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Corporate News Diamonds International

Botswana Government Halts Progress on HB Antwerp Diamond Deal

Botswana’s plan to acquire a 24% stake in Belgian gem trader HB Antwerp, initially proposed by the previous government, remains uncertain. The deal, announced in March 2023 by former President Mokgweetsi Masisi, was intended to challenge Botswana’s long-standing partnership with De Beers by allowing State-owned Okavango Diamond Company to receive polished rather than rough prices for some of its sales. However, the agreement was never finalized. “They were still conducting due diligence and never closed

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