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Category: International

Energy Gas International Oil

Kuwait to award 22 oil and gas projects this year

State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba. KOC, which manages the OPEC member’s upstream oil industry, will gradually award those contracts after they are approved by the Central Agency for Public Tenders. The projects include installation of pipelines at KOC’s facilities in West Kuwait, providing maintenance services at KOC’s export terminals, building pipelines at Jurassic

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Economy International Oil

Lower Crude Prices Drag Down Saudi Arabia’s Total Exports by 25% in March

Saudi Arabia, the world’s largest energy exporter, has seen a significant decline in its total exports, including both oil and non-oil exports, according to recent reports. Online portal Zawya stated that the country experienced a 25% year-on-year decrease, with total exports amounting to $28 billion in March, compared to $37 billion in the same period last year. Analysts attribute the decline in exports primarily to the softening of energy prices and reduced demand in Europe

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Diamonds Economy International News

Botswana Demands Bigger Diamond Profits in De Beers Renewal Talks

President Mokgweetsi Masisi of Botswana has again taken aim at the longstanding partnership with diamond giant De Beers, launching a scathing attack and vowing not to settle for anything less than an improved agreement. The current deal, set to expire next month, grants Botswana a 25% share of rough diamonds mined under the partnership, while De Beers retains the majority. Negotiations for a pact renewal are underway, with Botswana pushing for a higher stake in

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Energy Gas International

Namibia and Hyphen Ink Export Deal for $10B Green Hydrogen Project

The Namibian Government will sign a feasibility and implementation agreement (FIA) with green hydrogen development company Hyphen Hydrogen Energy for the country’s $10 billion green hydrogen project, to be located in the Namib Desert’s Tsau//Khaeb National Park. The deal is expected to be signed on Friday, May 26, and marks the next phase of the project’s development. It also outlines the terms of offtake, which involve exporting Namibian green hydrogen to Europe. The FIA provides

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Energy International News

The West’s Oil War Against Russia Begins to Lose Momentum

Russia’s oil revenues rebounded in March and April, reaching the highest level since November of the previous year, according to a new report. This development strengthens President Vladimir Putin’s ability to finance the Kremlin’s activities in Ukraine. An analysis published on Wednesday by the Centre for Research on Energy and Clean Air, an independent Finnish think tank, found that Russia’s revenues from oil exports have recovered from the levels reached in January and February. These

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International Mining

Top 5 Lithium Projects in Africa Ranked by Estimated Production

Africa’s geologically prospective regions and abundant natural resources make it an attractive destination for investment. The continent is witnessing the launch of large-scale projects aiming to become global lithium hubs and benefit from the energy transition trends, driven by the increasing demand for minerals like lithium in clean energy technologies. Here are some of the significant lithium mining projects in Africa: These projects reflect Africa’s potential to become a significant player in the global lithium

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Energy Gas International News

TotalEnergies Publishes Security Report and Action Plan for Mozambique LNG

Global oil and gas major TotalEnergies and its partners in the Mozambique LNG project have published an action plan on how they will progress with the development of the natural gas initiative in the southern African country. The plan, proposed by human rights expert Jean-Christophe Rufin, aims to address the relationship between Mozambique LNG and the Cabo Delgado unrest. It involves implementing a socioeconomic development program, focusing on enhancing the local economy, infrastructure, and environmental sustainability in the region.

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Diamonds International

Diamond sorting facility revealed in Johannesburg

De Beers Sightholder Sales South Africa (DBSSSA) has unveiled its new rough diamond sorting, valuation and sales facility in Johannesburg. De Beers Group announced in January 2023 that it was relocating its Sightholder Sales activities in South Africa from Kimberley to Johannesburg following a review of its sorting activities in South Africa. The relocation supports the government’s strategy to consolidate the country’s mineral beneficiation sector into one area at the Gauteng Industrial Development Zone. The relocation

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Economy International Mining News

Gold retreats again driven by rising U.S. dollar

Gold prices fell again on Tuesday as a recovering U.S. dollar took its toll, with prices heading for a fifth day of losses in six sessions after the biggest pullback since February last week. Price action Market drivers Gold prices have pulled back since the most-active contract logged its second-highest settlement level on record on May 4. It was the highest settlement since the all-time high reached in August 2020. Whether the yellow metal rallies

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International News Oil

Oil Prices Surge on Anticipated Rise in Gasoline Demand, Saudi Energy Minister Issues Warning

Gasoline rallied Monday as speculators looked for a demand boost as the Memorial Day holiday approaches, said Robert Yawger, executive director for energy futures at Mizuho, in a note. U.S. gasoline storage of 218.3 million barrels, as reported by the Energy Information Administration, is 12.6 million below the nine-year low of 205.7 million barrels from Nov. 4, 2022, “implying to me that a storage situation will likely develop at some point in the relatively near

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