Sonangol has reaffirmed its exclusive ownership of the Barra do Dande Ocean Terminal (TOBD) and emphasized the transparency of its management, aiming to address recent claims regarding alleged overpricing in the terminal’s construction and concerns about its ownership being registered in favor of a private entity, Enagol. In a statement released Thursday, Sonangol clarified that the TOBD is a strategic asset under its sole ownership. “TOBD is a strategic asset owned exclusively by Sonangol, and
Venezuela and Angola have reaffirmed their commitment to enhancing cooperation in energy and mining, as announced by Venezuelan Foreign Minister Yván Gil. The announcement followed a telephone conversation between Gil and Angolan Foreign Minister Tete António on Friday. In his statement on Instagram, Gil congratulated Angola for assuming the Presidency of the African Union, acknowledging this achievement in the year marking the 50th anniversary of Angola’s independence. He also emphasized that both nations are working
On Monday, Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil, and Gas, and Eric Monchu Intong, Director of Regional Operations and Head of Mission for Anglophone West Africa at Afreximbank, met to discuss several key projects aimed at supporting the Angolan economy. The focus of the meeting included the Lobito Corridor, the Amufert fertilizer factory, and other mining and oil initiatives. Intong emphasized Angola’s role as current chair of the African Union and highlighted the
Lucapa Diamond Company reported a net loss of $1.5 million for 2024, significantly improving from its $17.2 million loss in 2023. The company attributed the decline to lower diamond prices, production disruptions, and challenging market conditions. Lucapa’s annual revenue dropped 31% to $54.5 million, reflecting a weaker pricing environment. Operations at the Lulo mine in Angola were impacted by flooding, while geopolitical and economic uncertainties further pressured diamond prices. The company also faced infrastructure challenges,
Angola’s oil and gas industry is experiencing renewed global interest as international energy companies seek to tap into the country’s vast reserves. With rising global energy demand, Angola is positioning itself as a key player, according to Alcides Andrade, Executive Administrator of the National Agency for Petroleum, Gas, and Biofuels (ANPG). Speaking at CERAWeek in Houston, Andrade announced that Angola has secured over $60 billion in commitments for upcoming projects, attracting both established and new
Minbos Resources has received the second tranche of funding for the Cabinda Phosphate Fertilizer Project in Angola, securing $2.43 million from the Fundo Soberano de Angola. The final $1.17 million tranche will be disbursed upon completion of project insurance renewals and supplier quotations. Located in Cabinda Province, the project involves open-pit mining and fertilizer production, with an estimated 20-year mine life. Proven and probable reserves stand at 4.72 million tons. Minbos Resources, which holds an
Sonangol is continuing preparations for its privatization process but is taking a cautious approach to avoid “mistakes or hasty decisions,” according to Sebastião Gaspar Martins, Chairman of the company’s board of directors. Speaking at a press conference on the company’s 2024 results, Martins emphasized that Sonangol is making progress on internal matters related to the privatization but noted that there are still external factors to be addressed before up to 30 percent of the company’s
Consultancy firm Oxford Economics forecasts that Angola will experience a slight increase in daily oil barrel production this year, building on a 4.1% rise in 2024, which saw production reach 1.176 million barrels per day. The firm projects a further 1% increase in 2025, bringing production to 1.187 million barrels per day, signaling continued modest growth in the medium term. In a detailed commentary on Angola’s oil sector, Oxford Economics analysts highlighted several factors that
Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, announced on Friday in Luanda that the Luanda Gold Refinery is expected to be inaugurated in the second half of this year, with 70% of construction already completed. Speaking after an inspection visit, Azevedo confirmed that the refinery—an investment of over $5 million—will initially create 35 jobs across various specialties. According to Endiama E.P., the minister highlighted that construction is progressing steadily, in line with
The headquarters of the African Diamond Producers Association (ADPA) was officially inaugurated in Luanda on Thursday by Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, and his Zimbabwean counterpart, Winston Chitando. According to Azevedo, the delivery of ADPA’s new headquarters fulfills the Angolan government’s commitment to providing suitable facilities for the association. “Today, we are formally handing over the ADPA headquarters, the result of joint efforts by three Angolan ministries, namely the Ministry
