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Category: Economy

Local Diamonds Economy News

Angola Opens Sixth Diamond-Cutting Factory in Saurimo to Boost Local Diamond Value Addition

Angola Opens Sixth Diamond-Cutting Factory as Saurimo Strengthens Its Position as a Diamond Processing Hub Angola has strengthened its domestic diamond-processing industry with the inauguration of a new diamond-cutting factory in Saurimo, Lunda Sul Province, bringing the number of operational cutting facilities at the Saurimo Diamond Development Hub to six. The new facility, operated by Diarough Angola, was officially opened by Minister of Mineral Resources, Oil and Gas Diamantino Azevedo on Saturday, marking another step

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Local Economy News Oil

Angola’s Oil Revenue Surges to $8.91 Billion as Crude Exports Gain Momentum

Angola Oil Revenue Jumps 54.7% to $8.91 Billion in Second Quarter Angola generated $8.91 billion from crude oil exports in the second quarter of 2026, marking a sharp increase in petroleum revenues and highlighting the continued importance of oil to the country’s export earnings. The country exported 88.12 million barrels of crude during the quarter, according to Secretary of State for Mineral Resources Jaime Victor. Oil export revenue increased by 54.71% compared with the same

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Local Economy News Oil

Angola Targets Oil Production Growth Through New Upstream Strategy

Angola Targets 1.2 Million Bpd Oil Output as New Projects and Exploration Advance Angola is targeting a turnaround in oil production as the government steps up efforts to revive mature fields, accelerate new projects and expand exploration across the country’s offshore basins. Angola’s crude output has fallen from around 2 million barrels per day (bpd) in 2008 to approximately 1.03 million bpd in 2026, largely due to declining mature fields, ageing infrastructure and slower investment.

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Energy Economy News Oil

Angola Positioned to Support Global Energy Security Through Oil and Gas Development

Angola Highlights Oil and Gas Potential to Meet Growing Global Energy Security Demand Angola has reaffirmed its ability to contribute to global energy security by leveraging its significant oil and gas resources, expanding investment opportunities, and strengthening its role as a reliable energy supplier. The government says the country has the necessary resources, infrastructure, and strategic position to respond to rising global demand for stable and secure energy supplies, while continuing to develop its hydrocarbons

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Local Economy News

Vietnamese Investor Plans Major Projects in Angola to Create 50,000 Jobs

Vietnamese Tycoon Announces Multi-Sector Investments Across Six Angolan Provinces to Create 50,000 Jobs A Vietnamese business leader is planning major investments across six provinces in Angola, with projects expected to create up to 50,000 jobs and support economic development in key sectors. The investment programme is focused on expanding economic activity beyond Angola’s traditional oil sector by supporting agriculture, infrastructure, industry and other areas with potential to drive employment and local production. The planned projects

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Local Economy News

Angola Adds Chinese Yuan to Approved Foreign Currency Reserves

Angola Approves Chinese Yuan for Foreign Currency Reserves as Ties with China Deepen Angola’s central bank has authorised commercial banks to use the Chinese yuan as part of their foreign currency reserve requirements, marking a further step in strengthening financial and economic relations between Angola and China. The decision allows banks operating in Angola to hold yuan, alongside other approved currencies, to meet mandatory foreign exchange reserve obligations. The move is expected to support liquidity

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Local Economy News

DRC and Angola Central Banks Sign Cooperation Agreement to Deepen Financial Integration

DRC and Angola Central Banks Sign MoU to Boost Cross-Border Payments, Financial Integration and Trade The Central Bank of Congo (BCC) and the National Bank of Angola (BNA) have signed a memorandum of understanding (MoU) to strengthen financial and monetary cooperation between the Democratic Republic of Congo (DRC) and Angola, marking a significant step toward deeper regional economic integration. The agreement was signed on July 8, 2026, in Luanda by BCC Governor André Wameso Nkualoloki

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Local Economy Gas Oil

Angola’s Oil and Gas Dominate Economy with $27.7 Billion in Export Revenues in 2025

Angola’s Oil and Gas Exports Reach $27.7 Billion in 2025 as Production Exceeds One Million Barrels Per Day and China Leads Purchases Angola’s economy continued to be heavily driven by its oil and gas sector in 2025, which generated the vast majority of export earnings, according to data from the Ministry of Mineral Resources, Oil and Gas. Crude oil remained the country’s dominant export commodity, earning approximately US$24.5 billion over the year. Natural gas contributed

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Corporate News Diamonds Economy

Sodiam Raises $21.7 Million at Luanda Diamond Auction, Exceeding Expectations

Angola’s Sodiam Earns $21.7 Million from Diamond Auction as Sales Surpass Expectations by 23% Angola’s National Diamond Trading Company (Sodiam) generated US$21.7 million from the sale of 35 special rough diamonds at an auction held in Luanda, exceeding the expected value by 23%, according to a company statement. The auction featured 35 exceptional diamonds produced by the mining companies Luele, Catoca, Mussende, Lulo, Calonda, Cuilo, Kwenda, Kaixepa, Cuango, Somiluana and Mucuanza. Also included in the

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Local Economy News Oil

Angola Approves Tax Incentives for High-Risk Offshore Oil Blocks to Boost Investment

Angola grants new tax incentives for Chevron, TotalEnergies and BP oil blocks to attract upstream investment The Angolan government has approved additional tax incentives for four offshore oil blocks in a move aimed at attracting investment into areas considered to carry high operational complexity and significant geological risk. The decision was taken during an extraordinary session of the Council of Ministers held on Monday at the Presidential Palace, chaired by President João Lourenço. The measures

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