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Local Corporate News Diamonds

Omani Sovereign Wealth Fund Replaces Alrosa in Angola’s Catoca Diamond Venture

A subsidiary of Oman’s sovereign wealth fund has taken over Russian sanctions-hit Alrosa’s stake in Angola’s state-controlled diamond miner, Catoca, according to Angolan officials. Angola had faced mounting international pressure to sever ties with Alrosa, the Russian state-controlled diamond giant and world’s largest producer of rough diamonds by volume. This pressure began in 2022 following Western sanctions imposed on Alrosa due to Russia’s invasion of Ukraine. “From now on, we have a new partner who

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Diamonds Corporate News Local

Lucapa Sells Lulo Diamonds for $2.67 Million in Angola Tender

Lucapa Diamond Company Limited (ASX: LOM) has announced the successful sale of four exceptional Type IIa diamonds from its Lulo mine in Angola, fetching a total of $2.67 million at a tender hosted by Angola’s national diamond marketing company, Sodiam E.P. High-Value Parcel Breakdown The 120-carat parcel included: The parcel achieved an impressive average price of $22,150 per carat, with the 45-carat white diamond securing the highest price per carat. Lucapa Managing Director and CEO

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Local News

KBR and AMUFERT Partner to Build Ammonia Plant in Angola

KBR, a global engineering company, has partnered with AMUFERT, a fertilizer production and marketing firm, to develop a large-scale ammonia production plant in Soyo, Angola. The facility will have a daily production capacity of 2,300 metric tons, aiming to enhance food security in Angola and across the region. The project will leverage KBR’s proprietary ammonia technology, with the company providing a technology license, specialized engineering design, and tailored solutions to support the plant’s development. Jay

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Transport and Logistics Local News

Banco Sol Expresses Commitment to Supporting Sustainable Projects in Lobito Corridor

Banco Sol has expressed interest in financing and supporting sustainable projects led by local entrepreneurs along the Lobito Corridor, the bank’s Executive Committee Chairman, Osvaldo de Lemos Macaia, confirmed on Wednesday in Benguela. Speaking to Jornal de Angola, Macaia emphasized the region’s economic potential and the government’s active efforts to attract investors to the Lobito Corridor. “For initiatives along the Lobito Corridor, Banco Sol will evaluate the projects and companies to assess how local entrepreneurs

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Local News Oil

Angola Approves Special Regime to Boost Hydrocarbon Production

Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,

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Petroleum Local News Oil

New Fuel Stations to Address Supply Issues in Cuanza Norte Municipalities

The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.

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Local Economy News

Portugal-Angola Trade Declines as Angola Drops in Portugal’s Export Rankings

From January to September 2024, Portugal’s exports to Angola totaled €753.1 million, a decrease of €229.6 million compared to the same period in 2023, reflecting a 23.4% decline. As a result, Angola has fallen four places in Portugal’s export rankings, now positioned as the 13th largest destination for Portuguese goods, down from 9th place since 2019. Despite this, Portugal remains Angola’s second-largest supplier, after China. These figures are part of the Barometer of Managers in

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Local Oil Petroleum

Angola’s Fuel Market Remains Reliant on Imports with Decline in Domestic Production

Angola’s fuel market continues to be heavily reliant on imports, reaching approximately 70.15% in the third quarter of this year, a 6.17% increase compared to the previous period. According to the Petroleum Derivatives Regulatory Institute’s Fuel Report, released on Tuesday, there was a 1.17% reduction in imports during this period. The report, reviewed by JA Online, reveals that by the end of Q3 2024, Angola had an operational land storage capacity of 675,968 cubic meters

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Local News

Minister Azevedo Advocates for Strengthening Local Industry Through Enhanced Training

Diamantino Azevedo, Angola’s Minister of Mineral Resources, Petroleum, and Gas, emphasized the importance of strengthening the capacity of local companies to play a more active and significant role across all sectors of the industry’s value chain. Speaking at the opening of the workshop on Local Content: “Paving the Way for Success” in Luanda, Azevedo highlighted the need to utilize resources to strengthen the national economy and create conditions that would position Angolan companies as regional

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Local Gas News

Angola to Produce First Non-Associated Gas by 2025

Angola plans to produce its first non-associated gas by 2025, announced Diamantino Azevedo, Minister of Mineral Resources, Petroleum, and Gas, during a ceremony in Luanda on November 23, 2024. The event marked the signing of a Risk Service Agreement between the National Petroleum, Gas and Biofuels Agency (ANPG) and the New Gas Consortium (NCG). Minister Azevedo explained that large-scale projects like this require clear objectives and goals. He expressed gratitude to the gas consortium and

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