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Category: International

International Petroleum Transport and Logistics

President Nyusi Inaugurates New Platforms to Boost Fuel Pipeline Capacity from Beira to Zimbabwe

On Thursday, August 29, 2024, President Filipe Jacinto Nyusi of Mozambique officially inaugurated two new pumping platforms at the Port of Beira. These platforms, built by Companhia do Pipeline Moçambique-Zimbabwe (CPMZ), are located in Beira (Sofala) and Maforga (Manica) and have increased the pipeline’s fuel pumping capacity from Beira to Feruka, Zimbabwe, from two million to three million cubic meters per year. Company Overview: CPMZ Companhia do Pipeline Moçambique-Zimbabwe, Limitada (CPMZ), has been a key

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Diamonds International News

Botswana’s Okavango Diamond Seeks $300 Million Credit to Boost Purchases

Botswana’s state-owned Okavango Diamond Company (ODC) is seeking a $300 million credit facility from local banks to support increased diamond purchases, according to Finance Minister Peggy Serame. The move comes as ODC aims to capitalize on its growing share of diamond production from Debswana, a joint venture between Botswana and Anglo American’s De Beers. Established in 2012 as an independent sales channel for the government, ODC currently receives 25% of its diamonds from Debswana. However,

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Diamonds International News

Gem Diamonds Raises 2024 Production and Sales Forecast

London-listed Gem Diamonds, owner and operator of the Letšeng mine in Lesotho, has raised its production and sales guidance for the 2024 full year. The company now expects to recover between 98,000 and 101,000 carats, with sales projected between 100,000 and 103,000 carats. This is an increase from the previous guidance of 88,000 to 92,000 carats for recovery and 91,000 to 95,000 carats for sales. Despite ongoing pressure in the global diamond market, which has

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Oil International Partnerships Petroleum

South Sudan Partners with China’s Sokec to Modernize Oil Industry

China’s Shengli Oilfield Keer Engineering and Construction Company (Sokec) has signed a landmark agreement with South Sudan’s state-owned Nile Petroleum Corporation (Nilepet) to construct modern oil refinery and storage facilities in the country. The Memorandum of Understanding (MoU) was signed by Sokec President Wu Song and Nilepet Managing Director Muhammad Lino Benjamin. This agreement marks the beginning of Sokec’s investment in South Sudan, the youngest nation in Africa. Benjamin praised Sokec for its contributions to

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International Oil Petroleum

Namibia Targets Top Five Oil Producer Status in Africa by 2035

Namibia aims to become one of Africa’s top five oil producers by 2035, with a goal of reaching a daily output of 500,000 barrels, surpassing Egypt, according to a government official. Ebson Uanguta, the interim managing director of the National Petroleum Corporation of Namibia, announced at an industry event that the country could achieve this target with the deployment of four floating production storage and offloading (FPSO) units by 2035. He cited projections that Namibia

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International News Renewable Energy

Botswana to Launch 100MW Solar Power Plant in Jwaneng, Advancing Renewable Energy Goals

Botswana is set to take a significant step towards energy self-sufficiency with the introduction of a 100MW solar power plant in Jwaneng, led by Sinotswana Green Energy, a consortium of Chinese and local firms. This project marks a major milestone in the nation’s shift towards renewable energy. Traditionally reliant on coal for electricity generation, Botswana’s government has recognized the need to diversify its energy sources and reduce carbon emissions. The country has set an ambitious

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International Exploration Gas

Egypt Opens Bidding for Natural Gas Exploration in 12 Mediterranean and Nile Delta Blocks

The Egyptian Natural Gas Holding Company (EGAS) has announced an international bidding round for natural gas exploration across 12 blocks in the Mediterranean and Nile Delta regions, according to the Ministry of Petroleum and Mineral Resources. The bidding round includes 10 offshore blocks and 2 onshore blocks. Interested parties must submit their bids by February 25th, 2025, as noted by the Egypt Upstream Gateway (EUG). This follows earlier reports that Egypt plans to launch a

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International Oil Petroleum

Nigerian Regulators to Approve Exxon’s $1.3B Asset Sale to Seplat Within Four Months

Nigerian regulators anticipate formal approval of Exxon Mobil Corp.’s $1.3 billion sale of its oil and gas assets to Seplat Energy Plc within the next four months. The transaction, involving Africa’s largest oil exporter, has been pending regulatory approval since 2022. The Upstream Petroleum Regulatory Commission has now indicated that the approval process should be completed within the legally mandated 120-day window, according to Bloomberg. In May, Nigeria’s state oil company reached an agreement that

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International Oil

Brent opens higher and passes 80 dollars

On Monday, Brent crude prices rose by 2.64%, reaching $81.11 per barrel, while West Texas Intermediate (WTI) saw a 2.83% increase, closing at $76.95 per barrel. Globally, oil prices for October delivery surged by around 3% following the suspension of exports by the Libyan government. Although the Benghazi government is not internationally recognized, it controls most of Libya’s oil fields. The National Petroleum Corporation, based in Tripoli and responsible for managing Libya’s oil resources, has

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Oil International News Petroleum

Libya’s Oil Production Halts Amid Eastern Shutdown, UN Warns of Economic Collapse

Libya’s oil production has sharply declined after authorities in the country’s east enforced a shutdown, escalating a crisis that the United Nations warns could lead to economic collapse. Operations at the El-Feel oil field in southwestern Libya have stopped, with local operators signaling plans to gradually halt production nationwide, according to sources cited by Bloomberg. The shutdown, announced by eastern authorities on Monday, is in response to the internationally recognized Western government’s decision to replace

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