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Category: Economy

Economy Energy Mining

Five Reasons to Invest in Senegal’s Rising Economy

Senegal, a country in West Africa, is experiencing significant economic growth and offers compelling reasons for foreign investors to consider investing in its emerging market. Here are five key factors that make Senegal an attractive investment destination: Senegal’s rising economy, competitive business climate, skilled labor force, modern infrastructure, and comprehensive legal and fiscal frameworks make it an appealing choice for international investors seeking new opportunities. Attending events like the MSGBC Oil, Gas, & Power 2023

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Economy International News

World Bank Empowers Angolan MSMEs with $300M Initiative

The World Bank has recently launched the Accelerating Economic Diversification and Job Creation Project in Angola. This initiative aims to create opportunities for micro, small, and medium enterprises (MSMEs) in strategic sectors of the economy. With a capital injection of $300 million, the project seeks to promote economic diversification and private sector investment, specifically focusing on the Lobito Corridor. The Lobito Corridor is a vital trade route that traverses Angola, connecting the mining regions of

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Economy Gas Oil

Kenya Exploits Angolan Cooperation to Strengthen Economic Growth

Kenya is keen on strengthening bilateral relations with Angola in various sectors, including energy, agriculture, and trade. During a visit to Angola in early June, Kenya’s Prime Cabinet Secretary Musalia Mudavadi and Minister of Foreign Affairs Alfred Nganga Mutua emphasized the importance of cooperation in driving domestic economic growth. They highlighted Kenya’s intention to leverage Angolan expertise to enhance investment, development, and intra-African trade. Discussions between Mudavadi and Angolan President Joāo Lourenço, as well as

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Economy Gold Mining

Gold Rises as Dollar Weakens, Investors Await Fed Signals

Gold prices rose on Thursday as the U.S. dollar eased slightly, providing some respite to the precious metal. However, investor caution surrounding the Federal Reserve’s interest rate strategy and other economic cues kept gold trading within a relatively tight range. Spot gold increased by 0.3% to reach $1,945.69 per ounce, recovering some of its losses from the previous session, while U.S. gold futures rose by 0.1% to $1,959.90. The dollar index, which had been at

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Economy Gas Oil

Kenya Urged to Invest More in Oil Facilities to Tap $8 Billion Revenue

The Chairman of the state-owned National Oil Corporation of Kenya, Kiraitu Murungi, has called on the government to increase investments in oil production in order to access potential revenue estimated at 1.1 trillion shillings ($8 billion). Murungi, a former energy minister, believes that boosting investments in hydrocarbon production will help alleviate the nation’s debt crisis, as reported by the state-owned Kenya Broadcasting Corp. According to Murungi, Kenya has the potential to earn at least $8

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Economy Energy Renewable Energy

GE Gas Power Partners with Iraq to Significantly Increase Power Generation Capacity

GE Gas Power has announced a major boost to Iraq’s power generation capacity through a partnership with the Ministry of Electricity. In the first half of this year, the company successfully serviced and upgraded 1400 megawatts (MW) of gas turbine capacity across the country. The aim of this strategic move is to enhance power generation capabilities and improve the efficiency and performance of the units, particularly in preparation for the peak summer demand. The Khor

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Economy Energy Oil

ExxonMobil Announces Expansion of Upstream Investments in Egypt

ExxonMobil, the multinational oil and gas company, has announced its plans to expand its upstream investments in Egypt. Amr Abou Eita, Chairman and Managing Director of ExxonMobil Egypt, revealed that the company intends to increase its upstream exploration activities in the country. Simultaneously, ExxonMobil aims to grow its Mobil service stations network throughout Egypt. In addition to its focus on upstream operations, ExxonMobil also expressed interest in exploring opportunities related to low-carbon solutions. This indicates

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Economy Gas International

Iraq’s Basrah Natural Gas Project Successfully Begins Operations

China Petroleum Engineering & Construction Corp (CPECC) announced that the first train of the Iraq Basrah natural gas liquids plant (BNGL) has been successfully put into operation. The project, awarded to CPECC in 2019 by Basrah Gas Co, aims to enhance capacity by 40% through the addition of a greenfield gas processing plant with a daily capacity of 400 million standard cubic feet (cf/d), equipped with two trains capable of handling 200 million cf/d each.

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Economy Energy Oil

Department of Energy(DoE) Raises Projection for Brent Crude Oil Barrel to $79.54 in 2023

The Department of Energy (DoE) has raised its projection for the Brent crude oil barrel price in 2023 to $79.54. The U.S. Department of Energy’s Energy Information Administration (EIA) increased the average price forecast for the Brent crude oil barrel in 2023 from $78.65 to $79.54. For 2024, the department raised the projection from $74.47 in the previous forecast to $83.51 per barrel. On Tuesday, June 6, the projections were published in the Short-Term Energy

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Economy Energy

Sonangol establishes vehicles to generate transparency.

Sonangol considers having its own economic publications that allow for a more transparent communication process with the market and the group’s employees, according to the Director of Communication, Brand and Social Responsibility of the company. The Angolan oil company has been standing out in oil production in several blocks where it is the concessionaire and made these statements in an interview published in the magazine “Pacaça,” a publication of Sonangol named after an oil field

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