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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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Diamonds Local News

Furi Mining Company Sets Ambitious Diamond Production Target for 2025

Furi Mining Company is setting its sights on a diamond production goal of approximately 24,000 carats by 2025, announced Eduardo Dico, the Deputy Director of Mining Operations, during the celebration of Mining Workers’ Day on April 27. Established in 2021, the mine operates within the concession areas of Cambulo and Chitato in the Lunda Norte province. Currently, it yields around 14,000 carats of diamonds monthly and employs a workforce of 772 national workers alongside four

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News Local

Board of Directors of the Industrial Projects Institute takes office

he Board of Directors of the Institute of Industrial Projects is already in place. The act of taking office was led by the Chairman of the Board of Directors of ENDIAMA- EP, Ganga Júnior, at a ceremony held on Wednesday 17th in Catoca Village, Saurimo- Lunda Sul province. On the occasion, Ganga Júnior considered the creation of INPROITEC to be a great achievement for the Angolan mining sector. “The aim is to have the mining

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Local News

Mineworkers’ Day Commences with Historical Insights

The technical-scientific conference on Mining Workers’ Day, observed on April 27, commenced with a round table discussion focusing on the theme “History of Leadership in the Mining Sector.” Esteemed speakers, including industry leaders like Ganga Júnior, Paulino Neto, Eugénio Bravo da Rosa, and Jacinto Rocha, shared pivotal moments from their extensive careers spanning over 40 years in the sector. The event, attended by students and professionals, was organized under the guidance of Secretary of State

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Local News Oil

PetroAngola Advocates Angolan Businesses in Angola-DRC Common Interest Zone

PetroAngola, under the leadership of Chairman Patrício Quingongo, is urging Angolan entrepreneurs to explore the potential business opportunities emerging from the Zone of Common Interest (ZIC) between Angola and the Democratic Republic of Congo (DRC). Quingongo believes that this initiative presents a unique chance for Angolan companies to spearhead significant segments of the oil market in the DRC. With a keen understanding of the Democratic Congo market, PetroAngola sees Angolans playing a pivotal role, leveraging

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Local News Oil Petroleum

Afentra Secures Approval for Acquisition of Oil Blocks in Angola

Afentra, an upstream oil and gas company, has received approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy. The acquisition process between Afentra and Azule Energy is in its final stages, with expectations to conclude the deal within the second quarter of 2024. Notably, the Angolan government has designated the Punja Development Area, located in Block 3/05A, as

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Local News

Choice center generates close to 800 jobs

A total of 785 jobs were generated by Sociedade Mineira de SOMILUANA, located in the municipality of Lucapa, province of Lunda-Norte, with the inauguration, last week, of a new sorting plant, which will increase production levels. The information was provided by the chairman of the company’s Board of Directors, Reinaldo Trindade, during the inauguration, revealing that 98 percent of the jobs created are occupied by Angolan citizens.    Reinaldo Trindade announced that, with the start of operation of

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Local News Oil Petroleum

Angola Enforces Stricter Laws on Petroleum Smuggling

Angola has taken a decisive step in curbing the illicit trade of petroleum products with the recent approval of Law No. 5/24. This legislation, aimed at combating smuggling, introduces harsh penalties for offenders and implements measures to confiscate assets gained from illegal activities. Under the new law, individuals involved in importing or exporting petroleum products to and from Angola face severe consequences, including prison terms ranging from three to twelve years. Moreover, swift mechanisms have

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