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Category: Economy

Local Economy Gas News Oil

Angola Ramps Up Oil and Gas Sector with Investments in Refining, Storage, and Decarbonization

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, outlined a multi-pronged approach to strengthen the country’s oil and gas sector. The plan focuses on attracting investment, achieving self-sufficiency in refined products, and promoting responsible development. The Angolan government is actively seeking investment in several areas: -Refining, Storage, Transport, and Distribution (RST&D) of petroleum products -Construction of gas stations to improve distribution efficiency -Onshore storage facilities with the Barra do Dande Ocean Terminal

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Oil Economy Local News

Angola Pledges Stability in Investor Contracts and Embraces New Technologies in Oil Sector

Angola is committed to maintaining stability in contracts with external investors while investing in new technologies to enhance the oil sector. This was announced by the Minister of Mineral Resources, Oil, and Gas, Diamantino Pedro Azevedo, during the opening of the “1st Offshore Exploration Forum in Angola” held in Luanda. Minister Azevedo emphasized that the strength of Angola’s oil sector lies in the stability of its contracts with companies. He assured that this cooperation would

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Local Economy News Oil

Angola Prioritizes Contract Stability and Technological Investment in Oil Sector

Angola aims to maintain stability in contracts with external investors for the development of its oil sector while investing in new technologies. This was announced by the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, during the opening of the “1st Offshore Exploration Forum in Angola” held in Luanda yesterday. Minister Azevedo highlighted that the stability of contracts with companies has been a cornerstone of Angola’s robust oil sector. He emphasized the importance

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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Local Economy Energy News

Luachimo Hydroelectric Plant Inaugurated, Boosting Economic Growth in Eastern Angola

The inauguration and commencement of full operations at the Luachimo Hydroelectric Plant in Lunda-Norte marks a significant step in revitalizing economic growth in Angola’s eastern provinces. The plant, with a capacity of 34 megawatts (MW), will initially supply electricity to the city of Dundo. Minister of Energy and Water João Baptista Borges, speaking at the inauguration ceremony, emphasized the importance of the project in integrating the future 220 KVA electricity network connecting Dundo, Lucapa (Lunda-Norte),

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Local Economy News Oil

Angola’s Oil Production Set to Rise by 3% in 2024

Angola’s oil production is expected to increase by 3% this year, rising from 1.13 million barrels per day (bpd) in 2023 to 1.16 million bpd in 2024, according to British consultancy Oxford Economics. Despite a slight drop in production in April, where output fell to 1.11 million bpd, 60,000 barrels less than the previous month, production has overall increased since the beginning of the year. Oxford Economics forecasts that Angola’s oil production will maintain an

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Local Economy Gas News Oil

Kwame Oil e Gás to Invest $1 Million in Infrastructure and Training

By the end of the year, Angolan company Kwame Oil e Gás will invest $1 million to improve infrastructure and high-pressure washing equipment in oil tanks, announced General Director Aurélio dos Santos on Monday in Luanda. In an interview with Jornal de Angola, dos Santos highlighted that unlike some local companies, Kwame Oil e Gás, a consortium with 100 percent Angolan capital, prioritizes the training and development of local young people with no prior experience.

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Local Diamonds Economy Gas News Oil

Angola Gears Up for Extractive Industry Transparency Initiative (EITI) Evaluation

The Extractive Industry Transparency Initiative (EITI) is set to evaluate Angola again in October, marking a crucial step in certifying members’ compliance with transparency standards. According to Beatriz Catomi, Deputy Director of the National Secretariat for the Implementation of the EITI, the second evaluation report will be released in September, a month ahead of the evaluation process. Catomi made these remarks yesterday during the opening of a seminar in Luanda, aimed at informing stakeholders about

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Economy Local News

IMF Mission to Assess Angola’s Debt Repayment Capacity

An International Monetary Fund (IMF) mission, led by Assistant Director of the African Department Amadou Sy, is visiting Angola from May 7th to 17th to conduct a Post Financing Assessment (PFA). According to a press release on the Ministry of Finance’s website, the IMF representatives will hold meetings to evaluate Angola’s capacity to repay its existing debt to the Bretton Woods institution and assess potential risks affecting this commitment. The mission’s agenda includes important meetings

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Local Economy News Transport and Logistics

Angola and US Sign Financing Agreements for Lobito Corridor Development

Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI). The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio

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