An aluminum processing industry with an annual capacity of 100 thousand tons will be constructed in the Barra do Dande Free Trade Zone, Bengo province, at a cost of US$200 million. The initiative, led by the Chinese company Wutong Group, will occupy a 400-hectare site, according to sources from the Angola-China Chamber of Commerce reported by JA Online. The project, slated to create approximately three thousand jobs by 2027, saw its ceremonial cornerstone laid in
Angola’s diamond production reached 4.18 million carats between January and May this year, as reported by the Ministry of Mineral Resources, Oil and Gas via Jornal de Angola. During the 14th thematic session “Communicate for Angola,” which centered on the Program for Development and Modernization of Geological-Mining Activities (2023/2027), Secretary of State for Mineral Resources, Jânio Correa Victor, emphasized the need to attract national and foreign investment. This initiative aims to boost diamond production and
The European Union has extended the “sunrise period” for sanctions on Russian diamonds by six months and introduced a significant concession regarding goods predating the new rules. According to a statement released Monday, the EU has postponed the mandatory implementation of the traceability program for imports of rough and polished natural diamonds from September 1, 2024, to March 1, 2025. This extension aims to facilitate the establishment of the G7 traceability scheme, as outlined in
Officials from the Ministry of Mineral Resources, Oil and Gas (MIREMPET) convened on Tuesday to review objectives, goals, challenges, and strategies outlined in the National Development Plan (PDN) 2023-2027. Led by Minister Diamantino de Azevedo, the meeting included State Secretaries, national directors, Boards of Directors, supervisors of institutions, and senior managers from key companies involved in mineral and hydrocarbon resources. The details were shared by MIREMPET on Facebook.
Etu Energias, formerly known as Somoil, plans to increase its current crude oil production from 25,000 to 50,000 barrels per day by 2026, announced the company’s Board of Directors President during a press briefing in Soyo. Speaking at a ceremony where 220 graduates received certificates from the Soyo Polytechnic Institute (IPS), Edson dos Santos emphasized the company’s strategic focus on profitable and sustainable growth through investments in human capital and digital technologies. As a petroleum
The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa. Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project. This significant development, announced today, signifies the
An executive from Dangote Refinery has accused major oil companies of hindering access to local crude by either overpricing it or claiming it’s unavailable. This situation has compelled the refinery to rely heavily on costly imports. The refinery, which represents a $20 billion investment and is set to become the largest in Africa and Europe upon reaching full capacity, commenced production in January. However, it has encountered difficulties in securing sufficient crude oil to meet
Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper. Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS. The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially
Nigeria has been identified as one of the top nine gas-flaring countries in 2023, according to the latest Global Gas Flaring Tracker Report by the World Bank. Together with countries such as the Russian Federation, the Islamic Republic of Iran, Iraq, the United States, the Bolivarian Republic of Venezuela, Algeria, and Libya, Nigeria contributes to 75% of the world’s gas flaring. The remaining 25% is attributed to over 60 other countries globally. Despite producing 46%
Most oil-producing African nations are concentrated in the Western, Northern, and Central regions of the continent, leaving the Southern and Eastern parts with limited oil resources. Apart from Angola, no Southern African nation significantly contributes to the global oil market. However, recent discoveries in Namibia suggest a potential paradigm shift. According to a Reuters report, major oil companies have been actively exploring Namibia’s offshore regions in recent years. In 2023, Namibia’s National Petroleum Company (NAMCOR)
