The President of the Angola–United States Chamber of Commerce, Pedro Godinho, has called for an urgent revision of Angola’s current Foreign Exchange Law for the oil sector to prevent further corporate insolvency. Speaking to the press on Thursday in Luanda, following a meeting with the Vice President of the Republic, Esperança da Costa, Godinho emphasized that fiscal instability is hindering the creation of a favorable business environment for both local and foreign investment. According to
The Director General of Luele Mining Company (SML), Rômulo Mucasse, announced in Saurimo that stable performance indicators in diamond extraction, processing, and recovery could enable the company to produce 6.7 million carats during the current fiscal year. He recalled that the Luele project, inaugurated by the President of the Republic roughly a year and a half ago, has become one of the key assets in Angola’s diamond sector. Alongside Catoca Mining Company, Luele now contributes
The Ministries of Transport and Planning joined forces to host a seminar last Friday in the city of Huambo, aimed at showcasing the investment potential and opportunities along the Lobito Corridor. Held at the Manuel Rui Monteiro Cultural Center, the event focused on presenting the Railway Branch Line and Freight Terminal Project of the Caála Logistics Platform. It brought together local entrepreneurs from various sectors, including agriculture, livestock, transport, and construction. During the seminar, Adriana
India and Angola have agreed to significantly expand their strategic partnership, signing multiple Memorandums of Understanding (MoUs) covering energy, defence, digital infrastructure, space technology, and more. The agreements coincided with Angolan President João Lourenço’s landmark state visit to India—the first by an Angolan head of state in 38 years. During delegation-level talks, Prime Minister Narendra Modi described the visit as “historic,” noting its importance in deepening not just India-Angola relations, but also broader India-Africa cooperation.
Clean energy company Shoals Technologies Group has signed a memorandum of understanding (MoU) with renewable energy developer UGT Renewables to jointly develop up to 12 gigawatts (GW) of solar projects across emerging markets. This strategic partnership will expand UGT Renewables’ existing pipeline, which includes two solar parks totaling 600 megawatts (MW) in Angola’s southern provinces. Deployment of these projects is scheduled to begin this year and stems from a collaboration involving Shoals Technologies Group and
Angola spent $662 million on fuel imports in the first quarter of 2025, importing 73% of its total fuel supply—less than in the final quarter of 2024—according to official figures released in Luanda. The data, presented on Thursday by the Director General of the Petroleum Derivatives Regulatory Institute (IRDP), Luís Fernandes, covered fuel sector performance from January to March 2025. During this period, Angola acquired 1,147,248 metric tonnes (MT) of petroleum products for domestic sale.
Egyptian multinational Elsewedy Electric has reaffirmed its commitment to expanding operations in Angola, with a strong focus on the energy, construction, and digital sectors. The company aims to support Angola’s infrastructure development, job creation, and knowledge transfer. Speaking to Angop during President João Lourenço’s official visit to Egypt, Ahmed Amin, Elsewedy Electric’s Regional Director, emphasized the company’s alignment with Angola’s sustainable development goals. “We are working on integrated solutions to expand the transmission network, improve
BW Energy has announced a major oil discovery at the DBM-1 ST2 appraisal well within the Dussafu license offshore Gabon, marking the second successful sidetrack of the well. Drilled to a total depth of 4,731 meters, the well encountered approximately 11 meters of net oil pay within a 35-meter gross hydrocarbon column in the Gamba reservoir, located in the Bourdon prospect. The Bourdon discovery is estimated to contain 56 million barrels of oil in place,
ASX-listed Lucapa Diamond Company, with operations in Angola and Australia, has posted strong operational and financial results for the quarter ended March 31, showing year-on-year increases in carat recoveries, grade, revenue, and diamond prices. Lucapa reported a 6% increase in carat recoveries to 6,027 carats, along with a rise in the number of special diamonds—those weighing over 10.8 carats—from 51 in Q1 2024 to 54 in the current quarter. While diamond sales volume dipped 4%
The recent decline in international oil prices—now below the benchmark set in Angola’s 2025 State Budget—will not impact the government’s ability to pay public sector salaries. This assurance was given by Finance Minister Vera Daves de Sousa, who emphasized the state’s ongoing commitment to financial obligations, both domestic and international. “Since becoming Finance Minister, our focus has consistently been to safeguard salaries and honor our commitments to international and local creditors, as well as financial
