Trade between Angola and the Democratic Republic of Congo (DRC) witnessed remarkable growth, exceeding $100 million in 2022, as announced at the 2nd Angola Economic Forum – DRC in Luanda. The Minister of Industry and Commerce, Rui Miguêns, presented the data, highlighting the increase from $46 million, along with a rise in imports from $2.5 million to $10 million during the same period. Despite acknowledging some unaccounted transactions, Minister Rui Miguêns believes Angola’s official trade
Over the last five years, Angola’s National Diamond Company has invested a total of six million US dollars in the Lucrécia Paím maternity hospital, to improve maternal and neonatal care in that unit, which is dedicated to the medical monitoring of pregnant women until the end of their pregnancy, as well as the care of parturients. The financial support is part of its social responsibility and is the result of a memorandum signed in May
Global organization the International Monetary Fund (IMF) forecasts a 3% growth for Angola’s economy in 2024. In a report titled, ‘Regional Economic Outlook on Sub-Saharan Africa: A Light on the Horizon?,’ the IMF projects that improved economic performance and a return to fiscal consolidation are also expected during the year, with the country’s 2024 growth surpassing 2023 levels. The report further suggests a forecasted year-on-year consumer price increase of 22.3% for 2024 in Angola, exceeding
Independent energy company Afentra has received approval from Angola for the acquisition of stakes in Block 3/05 and Block 23 from the country’s National Oil Company Sonangol. Under the agreement, which is pursuant to a sale and purchase agreement between Sonangol and Afentra through its wholly-owned subsidiary Afentra (Angola), the company will acquire a 14% interest in Block 3/05 and a 40% stake in Block 23, offshore Angola. Afentra is also working with Sonangol to
The government of Angola has officially inaugurated the new Dr. António Agostinho Neto International Airport (AIAAN), which will serve as the country’s main hub for passenger and cargo services, gradually replacing Luanda’s Quatro de Fevereiro Airport (LAD). The airport construction is estimated to have cost over $3 billion, including the supporting infrastructure. Angola’s Minister of Transport, Ricardo Viegas D’Abreu, told Simple Flying that it is a public investment fully funded by the government. This will
The stability of the operation of the fuel market and other petroleum derivatives should also be the responsibility of the business class, focusing on providing better services to the population. This perspective was put forward by the Vice Governor of Huambo for the Economic and Social Sector, Angelino Elavoco, at a recent seminar on encouraging the construction of new privately initiated fuel stations and the rehabilitation of out-of-service stations. Angelino Elavoco acknowledged that the enthusiasm
Azule Energy has recently commenced the construction of the FPSO Agogo, which will feature a Carbon Capture and Storage Unit (“CCS”), to be installed in the offshore Block 15/06 in Angola. According to a statement sent to the Jornal de Angola, the construction of the facility is being undertaken by the company “Yinson Production,” specializing in FPSO leasing. This marks the world’s first post-combustion carbon capture unit installed on board an FPSO, designed on a
The price of a barrel of Brent crude oil (used as a reference for Angolan exports) was trading below $80 on Wednesday for the first time since July due to concerns about an economic slowdown that could affect global demand. Brent was down 1.99% to $79.99 per barrel, and U.S. WTI crude oil was down 2.20% to $75.67, both at their lowest levels since July. According to Lusa, at the end of June, Brent crude
The American multinational energy corporation, Chevron, through its Angolan subsidiary Cabinda Gulf Oil Company Limited (CABGOC) has signed a Memorandum of Understanding (MoU) with Angola to identify low carbon business opportunities. They will explore the potential of nature-based technological carbon offsets as well as biofuels, such as hydrogen and carbon capture and storage solutions, to advance Angola’s energy production and energy mix diversification for energy security, economic growth and environmental sustainability. “Through our work here,
The ASX-listed Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have recovered a 235 ct diamond at their Lulo mine in Angola. Not only is it the second-largest diamond to be recovered at the mine since operations started in 2015, but it follows only a week after the recovery of a 208 ct diamond at the mine. The 235 ct diamond was recovered from Mining Block 550, which is immediately south of
