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Economy Local News

Angola’s Debt Relief Agreement with China Spurs Economic Stability

Following President João Lourenço’s official visit to China in April, Angola has experienced a significant easing of its debt burden with the Asian nation. This agreement, lauded by Minister of State for Economic Coordination José de Lima Massano, has ushered in a period of financial stability and strategic fiscal management, offering various benefits to the Angolan economy. Immediate Financial Impacts The agreement swiftly bolstered Angola’s liquidity, freeing up resources that were previously earmarked for debt

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Local Economy News

Prices of imported goods rose another 11% in 2023

In 2023, Angola recorded an increase of 11.7 percent in the prices of imported goods, with emphasis on food, while exported goods increased by 19.2 percent, driven by oil, indicates the Angolan National Statistics Institute (INE). According to the 2023 Yearbook of Price Indices for Export and Import Goods, the relevant increase stood out in the group of alcoholic beverages and tobacco, with 46.7 percent, chemicals, with 45.2, and products food, with 32.2. The increase

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Local Economy News Oil

Angola’s Oil Production Exceeds Expectations in March

In March, Angolan oil production surged to 34,897,176 barrels, averaging 1,125,715 barrels per day (bpd), surpassing the projected 1,054,463 bpd, as revealed in the Monthly Summary on Oil Production released by ANPG. The report, accessible on the National Petroleum, Gas, and Biofuels Agency (ANPG) website, indicates that associated gas production for the same period reached 85,209 million cubic feet, with a daily average of 2,749 million cubic feet. Furthermore, the report outlines that 1,538 million

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Local Exploration News Oil

Azule Energy Secures Stake in Namibian Oil Exploration Venture

Azule Energy, an Angolan company, and Rhino Resources Namibia have inked a significant agreement (Farm-In) granting Azule Energy a 42.5 percent interest in the exploration of Block 2914 A. This block lies within Namibia’s Orange basin, where major oil discoveries have been made since 2022. Currently, Rhino operates the venture with an 85 percent stake, alongside Namcor Exploration and Production (Proprietary) Limited (10%) and Namibian company Korres Investments (Pty) Ltd (5%). The agreement outlines a

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Local News

ENDE Enhances Electricity Supply Quality in Lobito

The National Electricity Distribution Company (ENDE) has significantly upgraded the quality and reliability of electricity supply in Lobito city, according to Gelson Pinto, Director of Exploration and Maintenance for the Central Region of ENDE. Pinto announced the deactivation of an old electrical substation, in operation for 58 years, which utilized outdated equipment. It has been replaced with modernized facilities to enhance service efficiency and security. The investment in updated equipment is expected to enhance redundancy,

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Diamonds Local News

Sociedade Mineira Yetwene Plans Diamond Production Surge in Lucapa

Sociedade Mineira Yetwene (SMY), situated in Lucapa municipality, Lunda-Norte province, aims to quadruple its monthly diamond production from three thousand to 13 thousand carats this year by introducing new treatment facilities. Vánia Ferreira, SMY’s advisor for Mining Development, disclosed this information recently, stating that the installation of four pre-treatment units with capacities ranging from 100 to 250 tons per hour is currently underway. This expansion will elevate the ore treatment capacity from 100 to 450

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Diamonds Local News

Lucapa’s Trio of Diamonds Fetches $10.5 Million in Angola

Australian mining company Lucapa has successfully sold three diamonds from the Lulo alluvial mine in Lunda Norte, Angola, fetching a total of $10.5 million. Facilitated by Angola’s state-owned diamond trading company Sodiam, the sale comprised a trio of diamonds totaling 361 carats, with an impressive average price of $29,000 per carat. Among the diamonds were one weighing 203 carats, another weighing 116 carats, and a third weighing 42 carats. Notably, the largest of the three

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Local News Oil

China’s CNOOC Eyes Oil Investment Opportunities in Angola

China National Offshore Oil Corporation (CNOOC) is dispatching a delegation of senior executives to Angola to explore investment prospects in oil exploration, aligning with Angola’s goal of ramping up production to 1.18 million barrels per day (bpd). Despite a recent decline in exports, China is keen on enhancing investment in Angola’s exploration and production sector, reaffirming the long-standing energy ties between the two nations. Angola, a major oil supplier to China in sub-Saharan Africa, has

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Local Governance News

President Lourenco Explores Business Opportunities in South Korea

The President of the Republic embarked on a two-day journey to South Korea this Monday, delving into discussions about business prospects in Angola, particularly focusing on the abundance of strategic minerals coveted by the Korean electronics industry. During his visit to the Korean parliament, João Lourenço engaged in dialogues with Kim Jin-pyo, the president of the National Assembly, regarding the challenges of industrialization. He emphasized a range of resources pivotal to bilateral relations, notably the

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Local News Oil Petroleum

Government’s First Quarter Fuel Expenditure Drops by 21%

In the first quarter, the government’s expenditure on fuel procurement decreased by 21%, totaling US$769 million, according to the head of the sector. Luis Fernandes, Director-General of the Petroleum Derivatives Regulatory Institute (IRD), provided detailed insights, revealing that 1.2 million metric tons of fuel were purchased during this period. Diesel accounted for 51.3% of the purchased fuel, followed by gasoline at 35.5%, fuel oil at 7.7%, JET A1 (aircraft fuel) at 4.5%, illuminating oil at

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