According to the financial institution, which outlined three possible scenarios regarding the developments of the conflict, the price of a barrel could reach a historical maximum of $150 if the war escalates into an even larger conflict in the coming months. In this scenario of “great disruption,” the World Bank says it would be comparable to the effects of the Arab oil embargo carried out 50 years ago (specifically in 1973), during the Yom Kippur
The state-owned oil company Sonangol and Total Energies have signed a cooperation agreement in Luanda to launch a campaign to identify, quantify, and reduce methane and carbon dioxide emissions in their activities. According to Sonangol’s website, to which ANGOP had access on Friday, the operation will be carried out through a drone, supporting the decarbonization of the Angolan oil industry and contributing to cleaner energy in the country. According to the Angolan oil company, the
A total of two thousand four hundred and twenty-three former employees of mining companies that, due to financial and technical reasons, suspended their activities in the last ten years, will receive monetary compensation from ENDIAMA, with amounts going up to one million seven hundred thousand kwanzas, starting on Monday, the 30th of October. The former employees, who are already retired, will receive one million two hundred thousand kwanzas. This concerns the Mining Companies of Lucapa,
The Ministry of Mineral Resources, Petroleum, and Gas presented the “Angola Mining Conference” to the press this Monday, scheduled for November 22nd and 23rd in Luanda. The event was led by the Secretary of State for Mineral Resources, Jânio Víctor. The Angola Mining Conference is a trade show dedicated to the country’s mining industry and the attraction of partners for the mineral supply chain.
The 130 participants praised the initiative to present the country’s production chain and identify opportunities for local companies to become involved in the project called “Conexão Aebran.” During the event held on Thursday night, in addition to the welcoming remarks from Raimundo Lima, the President of Aebran – the Association of Brazilian Entrepreneurs and Executives in Angola, the event featured speeches by Diogo Gomes, the Commercial Director of the TD Hotels Group, who discussed the
Despite the Middle East tensions, oil prices have risen in the market. The Brent crude oil for December delivery fell by 1.8 percent to trade at $88.49 per barrel at 2:00 PM ET in Friday’s intraday session, while the December WTI contract also dropped by a similar margin to change hands at $83.88 per barrel. Brent has now fallen by 7 percent in the past week, while WTI fell by 4.8 percent over the same
António Feijó, who spoke on Tuesday 27th October, during the opening of the first seminar to promote the construction and rehabilitation of new fuel stations, stated that candidates interested in investing in the sector will receive support from the banking institutions based in the province of Malanje, through subsidized credit, as well as from companies with the capacity to build these mentioned facilities. According to the official, the province of Malanje has 25 fuel stations,
Angola’s National Oil Company (NOC) Sonangol and the construction and engineering company, the China National Chemical Engineering Company (CNCEC), have signed a contract for the construction of the $6 billion Lobito refinery in the southern African country. The final agreement, which was signed on 24 October in the city of Lobito, Benguela Province, provides for the construction, technical support, and supervision of the construction process for the 200,000 barrel-per-day (bpd) refinery. “The processing capacities of
The price of a barrel of Brent crude oil for delivery in December ended today in the London futures market with an increase of 2.27%, reaching $90.16. Brent’s price for delivery in December rises by 2.27% and surpasses $90. The market continues to fluctuate due to increasing tensions in the Middle East, trading higher on Wednesday after three consecutive sessions of declining prices.
The scare projected for the oil trade due to the war between Israel and the Hamas group caused oil prices to rise for the second consecutive week, although the absence of any real disruption in barrels leaving the Middle East is also giving rise to permanent volatility. Both U.S. crude oil and Brent, its UK counterpart, jumped nearly 2% at one point on Friday before giving it all back and ending the day in the
