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Economy Energy International News Technology & Innovation

Egyptian firm secures $15 million contract for BP’s offshore project

The Egyptian firm, TWMA, has secured a $15 million contract to provide support for BP’s offshore project. The project involves the deployment of TWMA’s RotoMill drill cuttings processing technology for BP’s WND & END exploration and development initiative in the Mediterranean Sea. This five-year project is set to begin in October of this year. The RotoMill technology was chosen for its positive environmental impact. Through thermal desorption, it separates drill cuttings and associated materials into

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Economy International News Oil

India Makes First Crude Oil Payment to ADNOC in Indian Rupees

India and the UAE have started settling bilateral trade in their local currencies, with India’s top refiner making a payment in rupees for the purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday. Indian Oil Corp made the payment to ADNOC for the purchase, according to a statement issued by the Indian embassy in the UAE. The transaction follows another involving the sale of 25 kg

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Economy Gas International Oil

UAE jobs: Petrofac is hiring for over 200 vacancies. Here’s why you should apply

With the award of several large projects and a busy bidding pipeline, the EPC giant Petrofac is on a concerted recruitment drive. Oil & Gas Middle East spoke to Des Thurlby, Petrofac’s Group Director of Human Resources, about the type of roles involved, the qualities Petrofac is looking for in candidates, and the reasons why people should consider applying. Oil & Gas Middle East: Can you tell us about the current recruitment drive at Petrofac

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Economy Gold International News

Gold Prices Dip as Recession Fears Fade

Gold’s status as a safe-haven asset wanes due to rising interest rates and an increased appetite for riskier investments. Despite holding above the $1,900 mark since March, continued healthy employment and declining inflation in the US have shifted market perspectives. Analysts highlight challenges for gold, including the continuous selling of exchange-traded funds, with net outflows marking their lowest level since April 2020. Gold Prices The price of gold has weakened in the face of a

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Diamonds Economy Local News

Comprehensive Discussion on the Kimberley Process Extended

Journalists from various public and private media outlets in the province of Lunda-Sul were equipped with knowledge about the Kimberley Process (KP) on Saturday. The participants were informed about “Mastering the Kimberley Process certification system,” “Kimberley Process trends and current issues in review and reforms,” and “Statistics on global production and trade of rough diamonds: Angola’s position in the ranking.” On the occasion, Estanislau Buio, the Executive Secretary of the Kimberley Process Commission (KP), explained

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Economy Local News

Sonangol Raises Debt to Settle Supplier Payments and Investments

The debt of 75 billion kwanzas in bonds issued on Monday by Sonangol in the national market will be used to pay suppliers and for investments, announced the President of the Board of Directors of the state-owned oil company during a press conference presenting the operation. He continued by saying that the amount is not sufficient to cover the company’s business needs, but it serves as a “trial balloon” to evaluate and help stimulate the

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Economy Gas International News

Top 5 Lessons Gas-Rich Countries Can Learn from Algeria

Algeria’s is a major Liquefied Natural Gas (LNG) exporter and the lessons that gas-rich countries can learn from Algeria’s approach using the five key lessons are: In summary, Algeria’s success in the gas sector is attributed to a combination of factors including infrastructure development, long-term planning, strategic decision-making, focus on domestic value addition, and investment in local capacity. These lessons can be valuable for other gas-rich countries, particularly in Africa, looking to leverage their resources

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Diamonds Economy Local News

Catoca Resumes Suspended Diamond Sales

Catoca Mining Company has resumed diamond sales this month after temporarily suspending them due to a drop in prices in the international market. The company’s gemstone carat prices fell by 22 percent. The chairman of the company’s Management Council, Benedito Manuel, made this announcement. Quoted by RNA yesterday August 13th, Benedito Manuel added that sales are taking place on an experimental basis, given the precautions established to assess market trends. “We have not yet reached

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Economy Energy Local News Petroleum

Angola Seeks More Chinese Investment in Energy Sector

Angola is accelerating efforts to stimulate Chinese investment into its energy sector through bids for new oil and gas projects. The move is poised to leverage China’s robust financial sector and attract additional capital and technological input into the southern African country’s energy sector development. With support from the Embassy of Angola in China, Angola is actively presenting opportunities to Chinese companies to participate in bidding opportunities for 12 major oil and gas blocks in

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Economy Gas Local News Oil Petroleum

Sonangol Issues Debt in the Domestic Market

Sonangol is set to launch a bond issuance tomorrow August 15th, through which it will contract debt in the amount of 75 billion kwanzas with a maturity of five years (2023-2028), according to a statement released by the company on Friday. In the document, the oil company announces a Public Subscription Offering of bonds valued at 75 billion kwanzas, at a unit price of 10,000 kwanzas, corresponding to 10 million units at an interest rate

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