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International News Oil

East African Crude Oil Pipeline moves closer to Realization

The Energy and Water Utilities Regulatory Authority (EWURA) has granted the Construction Approval to the East African Crude Oil Pipeline (EACOP) Ltd to construct the East African Crude Oil Pipeline which will run from Tanga, Tanzania, to Hoima, Uganda Minister for Energy, Hon. January Makamba was present at the handover event, with regional commissioners from eight of the regions where the pipeline will pass through, members of the Parliamentary Energy Committee, members of EWURA Board and Management

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Energy International News

Mozambican state-owned Electricity Company Loses 735 Thousand euros

Electricity company Mozambique (EDM) recorded losses of around 50 million meticais (around 735,000 euros) due to the bad weather that has affected the country, the company announced. Around 30,000 customers were left without electricity, following the floods that have affected southern and central Mozambique since the beginning of February. In Boane district and Maputo city alone, the most affected areas in southern Mozambique, there are around 4,200 families who are still without electricity due to

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Gas International News Oil

Petrobras to give Priority to Offshore wind Farms

The president of the Brazilian oil company, Jean Paul Prates, said that one of the company’s priorities during Lula da Silva’s government will be the development of offshore wind farms. Prates, in the first press conference he gave after assuming the helm of the largest Brazilian state-owned company, explained that, although Petrobras is not going to abandon its main assets or the exploration of hydrocarbons, it will focus on renewable energies to start a process

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Energy International News

African Energy Chamber Commends S&P Global Commodity Insights for Release of Africa Energy Review and Outlook 2022-23

Global energy consulting and market research firm S&P Global Commodity Insights has released its latest report, Africa Energy Review and Outlook 2022-23, highlighting key trends shaping Africa’s energy sector and providing recommendations for industry stakeholders and policymakers to maximize market growth. The African Energy Chamber (AEC), as the voice of the African energy sector, strongly commends S&P Global Commodity Insights for the work which will bring global investors up to date with opportunities within Africa’s

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Diamonds International News

Israel hosts Diamond Conference

The Israel Diamond Exchange will host on March 27th, the Diamond Conference, a summit meeting of the captains and leaders of the global diamond and jewelry industry, who will discuss and debate the most pressing issues concerning the industry, today and in the future. It will to be opened by the President of the State of Israel Isaac Herzog, and will continue with interviews, professional panels, fascinating lectures, a festive dinner and exciting networking opportunities.

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International News Oil

Mozambican Fuel Distribution Companies Complain of “Dramatic” situation

The Mozambican Association of Fuel Companies (AMEPETROL) calls the situation in the sector “dramatic”, complaining that it is buying fuels at elevated prices, but without prices at filling stations being updated. “We have absolute faith that the Government understands our situation, that it is supportive and will find mechanisms to ensure that companies continue to operate normally,” the association’s president, Michel Ussene, told Lusa. Ussene was reiterating warnings AMEPETROL has voiced since the beginning of

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Economy International News Oil

Fuels Drop in Cape Verde

The price of fuel suffered an average reduction of 1.5 percent of the amount paid in the purchase of petroleum derivatives, found a safe source. This reduction stems from the update of the maximum fuel prices in Cape Verde to be in force during the current month of March, carried out by the Multisectoral Regulatory Agency for the Economy (ARME). The phenomenon takes place after the average price of fuel fell 7 percent in December

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International News Oil

Russia solicits Ghana’s Support to Store Oil Amidst shrinking Revenue

A recent report has revealed that a shipment of Russian oil is on its way to storage tanks in Ghana, despite Ghana’s administration formally denying involvement in any such business. After the European Union’s decision to halt practically all seaborne imports from Russia in December, the development raises the possibility that dealers are searching the market for new consumers of Russian barrels. Moscow became heavily dependent on Chinese and Indian imports as a result of

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International News Oil

Uganda and Tanzania Win their Controversial Oil Case in French court

An appeal regarding the contentious oil projects in Tanzania and Uganda by the energy corporation TotalEnergies was dismissed by a French court on yesterday, 28th February In the two projects, the Tilenga oil development and the East African Crude Oil Pipeline, six French and Ugandan activist organizations accuse the French firm of not doing all possible to safeguard people and the environment (Eacop). Both TotalEnergies and the plaintiff organizations were silent as of press time.

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Diamonds International News

Botswana’s Diamond Trade Expected to Depreciate due to Reduced Demand

An official from Botswana’s finance ministry stated today 1st March that Botswana anticipates its mining sector’s production to remain flat this year as the diamond business loses its luster as a result of a decline in consumer spending and reduced demand for diamond jewelry. In 2022, the total mining production increased by 8.2%. Although Botswana is the continent’s biggest producer of diamonds, this year’s improvements in copper and coal will not make up for the

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