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Local Expos & Events News Oil

ExxonMobil Invests Over $100 Million in Angola’s Social Projects

Over the past 30 years, American multinational ExxonMobil has invested more than $100 million in social projects across Angola, according to Katrina Fisher, the company’s Country Manager for Angola. In an exclusive interview with Energy Capital & Power during the fifth edition of the Angola Oil & Gas Conference, Fisher highlighted that these investments have primarily supported healthcare initiatives and STEM (Science, Technology, Engineering, and Mathematics) education. “Just this past year, we launched two major

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Diamonds Local News

Angola Faces Challenges with Diamond Clients Due to Russian Ties

Angola’s state-owned diamond producer, Endiama, acknowledged that some clients are hesitant to engage due to its partnership with Russia’s Alrosa PJSC. However, the company emphasized that its diamond production is not subject to Western sanctions. Alrosa, the Russian diamond giant, holds a 41% stake in Angola’s Catoca mine and a controlling interest in the Luele mine. Endiama Mining SA, which owns the majority shares in both mines, has made recent management changes to strengthen its

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Local Infrastructure News

Zambia Secures $50 Million from BADEA for Kalabo-Sikongo-Angola Border Road Project

Zambia has signed a cooperation agreement with the Arab Bank for Economic Development in Africa (BADEA), securing a $50 million investment for the construction of the Kalabo-Sikongo-Angola Border Road in Western Province. The agreement was formalized in Riyadh, Saudi Arabia, by Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and BADEA President, Dr. Sidi Ould Tah. Alongside the road project, a $500,000 capacity-building initiative was also agreed upon to support the training of

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Local Economy News Oil

AECIPA President Highlights Oil Industry’s Role in Angola’s Economic Diversification

The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of

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Local Economy News Oil

Angola’s Oil Sector to Remain Dominant Despite Gradual Decline

Angola’s oil sector will continue to dominate the economy over the next decade, despite a gradual decline in its significance, according to Tiago Dionisio, chief economist at consultancy firm Eaglestone. Dionisio pointed out that oil’s contribution to Angola’s GDP has decreased from 43% in 2010 to 25.5% by the end of last year, and this downward trend is expected to continue. However, oil will remain the most important sector in terms of GDP. “Oil still

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Local News Oil

Angola’s Economic Diversification Hinges on Oil Revenues, Says BFA Chief Economist

The chief economist of Banco Fomento Angola (BFA), José Miguel Cerdeira, stated that there is no viable alternative to using oil revenues to finance Angola’s economic diversification. He emphasized the need for capital investment to sustain the country’s energy transition. “There’s no great alternative for the Angolan economy at present. Oil revenues must finance diversification and drive the development of an economy that includes other exports beyond oil,” Cerdeira said in an interview with Lusa,

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Local News

Angola’s President Highlights Renewable Energy and Infrastructure Investments at UN General Assembly

Angola’s President, João Lourenço, addressed the United Nations General Assembly in New York on Tuesday, emphasizing the country’s strides toward sustainable development. In his speech during the 79th session, he highlighted significant government investments in renewable energy, particularly in the construction of hydroelectric dams and photovoltaic parks, which now account for 67% of Angola’s energy matrix. President Lourenço revealed that Angola currently produces over 6,500 megawatts of electricity and is constructing the Caculo Cabaça hydroelectric

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Local News Transport and Logistics

Challenges and Opportunities in Electrifying Angola’s Lobito Corridor to DRC and Zambia

The USAID representative in Angola, William Butterfield, highlighted several challenges to the electrical interconnection of the Lobito Corridor with the Democratic Republic of Congo (DRC) and Zambia, emphasizing that government subsidies on electricity prices create significant barriers to private investment. “It presents a high barrier for private investment, but the Angolan government is implementing reforms to reduce these ineffective subsidies,” Butterfield stated in a press conference on Wednesday. The U.S. government, through Power Africa and

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Local News Renewable Energy

Sun Africa Secures $1.6 Billion Financing for Solar Energy Projects in Southern Angola

American multinational Sun Africa has secured $1.6 billion in financing from the Export-Import Bank of the United States (EXIM Bank) for solar energy projects in southern Angola. The announcement was made by Sun Africa representative Eguinilson da Silva during the Conference on the Coordination of Support for the Lobito Corridor, held in Lobito, Benguela province. “During the conference, we confirmed the approval of over $1 billion for projects in the south, which Sun Africa is

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Local News Petroleum

Angola’s Minister Highlights Fuel Price as Key Factor in Smuggling Issues

On Wednesday, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, stated that fuel pricing is the “main variable” driving smuggling in Angola. He advocated for adjusting fuel prices to align with those of neighboring countries. “The primary factor in fuel smuggling is the price difference between us and our neighboring countries. This disparity significantly motivates smuggling. If we eliminate that variable, what will smuggling be for?” Azevedo remarked during the opening of a

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