Angola Pledges Support for Namibia’s Oil and Gas Industry Development

Angola reiterated its commitment to aiding Namibia in the advancement of its oil and gas sector during the Namibia International Energy Conference (NIEC) held in Windhoek. Osvaldo Inácio, Executive Director of Angola’s national oil company Sonangol and Chairman of Sonangol Integrated Logistics Group (SONILS), emphasized the potential for collaboration between the two countries in bolstering Namibia’s oil and gas industry. Inácio underscored opportunities for cooperation in logistics and skills development, leveraging Angola’s extensive experience in

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Construction reached 6.0 percent of GDP 

In the 2022 financial year, the Construction sector recorded real growth of around 5.5 percent with a share of the Gross Domestic Product (GDP) of 6.0 percent. According to data from the Central Balance Sheet of the National Bank of Angola (BNA), published in March of the current year, the assessment had statistical coverage of 957 companies from the most different size classes, corresponding to a weight of 83.92 per percent of the business volume

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Sociedade Mineira de Somiluana Unveils New Diamond Sorting Center in Lunda-Norte

The Sociedade Mineira de Somiluana inaugurated a cutting-edge sorting center in Lunda-Norte yesterday, signaling a significant boost in the monthly diamond production volume to 15 thousand carats. Reinaldo Trindade, President of the Board of Directors of the diamond operator, revealed that the acquisition and installation of the new sorting plant, equipped with three lines and a processing capacity of six tons of concentrate per hour, pave the way for an upsurge in both the quantity

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Diesel prices will cost 200 kwanzas per liter from this Tuesday

A liter of diesel will cost 200 kwanzas from zero o’clock today, the 23rd, according to a statement from the Petroleum Derivatives Regulatory Institute released on Monday. According to the document, the measure is part of the gradual adjustment until 2025 of the public sale prices of petroleum products to market levels. “The Petroleum Derivatives Regulatory Institute informs, on the other hand, that the prices of gasoline, illuminating oil and liquefied petroleum gas, also known

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IMF reviews Angola’s growth in 2023 from 0.5% to 0.9% of GDP

International Monetary Fund (IMF) economist Thibault Lemaire, who coordinated the report on sub-Saharan Africa, said that Angola’s growth in 2023 has been revised upwards, from 0.5% to 0.9% of Gross Domestic Product (GDP). “Angola’s real GDP growth last year was 0.9%,” said Thibault Lemaire, quoted by Lusa, adding that the slowdown compared to 2022 was motivated by the decline in oil production and prices. Asked about the difference between the 0.5% for 2023, presented in

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Expert considers the country’s growth to be sustained in the non-oil sector

The economist at the International Monetary Fund (IMF), who coordinated the report on sub-Saharan Africa, Thibault Lemaire, considered, this Monday, that Angola’s growth this year is supported by the non-oil sector and predicts high inflation. “The Angolan economy remained resilient last year; after recovery in 2021 and 2022, in 2023 it was hit hard by a decline in oil production and prices, coinciding with the end of the moratorium on debt payments, following of the

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Kwanza gains ground on the Euro

The Kwanza appreciated against the Euro, in the period from 7 to 21, 1.6 percent, reducing from 901.5 per note to 887.5, respectively. When compared to the intermediate week (the 14th), the appreciation of the Angolan currency is even greater, as on that date each Euro note cost 885.2 kwanzas. In relation to the US Dollar, the national currency lost slightly, rising from the previous 832.00 kwanzas to 833.00 kwanzas. In week 14, there was

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Gold Exploration in Angola Shows Promising Growth

Gold exploration in Angola has seen significant progress, occupying 4.9 percent of the national territory and generating over $10 million in revenue from 2021 to 2023, according to data from the Department of Standardization and Good Practices of the Regulation and Markets Directorate of the National Mineral Resources Agency. Jornal de Economia & Finances reported that 38 mining titles have been issued for gold prospecting in provinces including Huambo, Huíla, and Cabinda, with 11 mining

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Zambian businesspeople want to invest in Cuando Cubango

Around 40 Zambian businesspeople showed interest in investing in Cuando Cubango, in the sectors of agriculture, exploration of mineral resources, health, education, tourism, construction of hotel infrastructure, among other areas that constitute business opportunities. The intention was expressed, last wednesday, by the consul general of Zambia in the provinces of Lunda Sul, Moxico and Cuando Cubango, Boniface Musumali, at the end of a meeting, which he held with the deputy governor for the Political, Economic

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Lucapa Diamond Company Sells $10.5 Million Worth of Exceptional Diamonds from Lulo Mine

Lucapa Diamond Company has successfully completed the sale of three remarkable diamonds recovered from its Lulo mine in Angola, fetching a total of $10.5 million at tender. Conducted by Sodiam in Luanda, the tender concluded on April 19, showcasing three Type IIa white diamonds weighing 203 carats, 116 carats, and 43 carats. This marked Lucapa’s first tender of Lulo diamonds for the year. The combined weight of the diamonds amounted to 361 carats, achieving an

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