De Beers has significantly reduced the prices of its Lightbox lab-grown diamonds, responding to recent developments in the sector. The standard line, featuring I to J color diamonds, will now retail for $500 per carat, down from $800 per carat—a 37.5% reduction, according to a statement from the De Beers subsidiary on Friday. Diamonds with D to F color, VS clarity, and an excellent cut will be priced at $900 per carat, a 40% decrease
The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters. Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week. The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which
Exxon Mobil’s long-pending asset sale to Seplat Energy may finally conclude within two weeks, ending a two-year delay since the initial agreement. The $1.28 billion sale in Nigeria, Africa’s largest oil exporter, has been awaiting regulatory approval since 2022. Gbenga Komolafe, chief of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), informed Reuters that the companies have been invited to a meeting on Friday. “Subject to the outcome of the meeting, consent… could be given in
De Beers reduced prices for smaller rough diamonds at this week’s sight, though manufacturers say the adjustments aren’t enough to ease their profitability challenges. The miner cut the price of 3-grainer (0.75-carat) and smaller goods by 4% to 6%, market insiders told Rapaport News Tuesday. In 4- to 6-grainers (1 to 1.5 carats), the price decline was around 4%, they estimated. Prices of 5- to 10-carat rough increased slightly, though this partly reflected modifications to the assortments,
Angola and the United States of America inked financing agreements worth $1.3 billion in Dallas on Tuesday for the development of the Lobito Corridor, a key beneficiary of the Global Investment and Infrastructure Partnership (PGI). The signed documents, exchanged between Angolan Finance Minister Vera Daves and Reta-Jo Lewis, President of the US Export-Import Bank (EXIM Bank), will fund three infrastructure projects associated with the Lobito Corridor. Additionally, they target investments in clean energy, connectivity, radio
Angola is gearing up for its next international tender in 2025 as part of its six-year licensing strategy initiated in 2019. With the National Oil, Gas & Biofuels Agency (ANPG) finalizing contract negotiations for the concluded 2023 bid round, which attracted 53 bids, the country’s upstream sector is poised for substantial growth. The burgeoning investment in exploration and new oil and gas developments is set to be supported by Angola’s robust transport and logistics infrastructure.
Shell Nigeria Gas (SNG) – a subsidiary of energy major Shell – and Nigeria’s Oyo State Government have signed a partnership to establish a gas supply and distribution network aimed at providing gas to industrial and commercial consumers within the state. The project comprises the construction of 15km of pipelines with a capacity to deliver 60 million standard cubic feet per day, with first gas expected by Q4, 2025. SNG will construct and manage the gas distribution
Yinson Production, an energy infrastructure and technology company, has finalized a $1.3 billion limited recourse term loan facility for the construction of the Agogo FPSO in Angola. The financing, backed by a consortium of 13 lenders, encompasses both pre- and post-delivery expenses for the facility, with Standard Chartered Bank acting as the Global Coordinating Bank. Structured into three secured tranches with staggered maturities spanning up to 10 years, the multi-tranche financing will support the complete
Offshore services company ADES Holding has secured a drilling contract from Egypt’s Suez Oil Company. Under the $42.93 million contract, a jack-up unit will be used for drill works at the Gulf of Suez, with the 21-month term expected to commence in the coming weeks. This latest contract comes on the heels of ADES Holding’s recently awarded campaigns in Qatar and Thailand, set to begin in the second half of 2024. As a result, the services company has
Mozambique’s Coral South floating LNG (FLNG) facility reached a critical milestone on Monday, successfully passing a performance test achieving production above 3.4 million tons per year. Dual mixed refrigerant LNG process technology and equipment developed by global industrial gases company Air Products passed the evaluation, enabling maximum efficiency, increased reliability and reduced environmental impact. In addition to its proprietary equipment and technology, Air Products provided technical advisory services for the installation, commissioning, start-up and performance
