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Local Economy News

Chinese Investors Dominate $21.8 Billion in Proposed Investments in Angola

China Leads $21.8 Billion Investment Proposals in Angola as AIPEX Reports Surge in Foreign Interest Angola has received 596 investment proposals worth about $21.8 billion over the past five years, with Chinese investors accounting for roughly 80% of the total, according to Arlindo das Chagas Rangel, chairman of the Private Investment and Export Promotion Agency (AIPEX). The surge in investment proposals highlights Angola’s growing appeal as one of Africa’s key resource economies. As Africa’s second-largest

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International News Oil

Ghana Plans Capacity Boost at Tema Oil Refinery to Strengthen Domestic Fuel Supply

Ghana to Expand Tema Oil Refinery Capacity to 45,000 bpd to Reduce Fuel Imports Ghana is taking steps to strengthen its domestic fuel supply as the Tema Oil Refinery (TOR) advances plans to expand crude processing capacity, a move that could modestly increase refining output across West Africa. The state-owned refinery plans to raise production from about 28,000 barrels per day (bpd) to 45,000 bpd, representing a 61% increase. The expansion will be achieved through

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International News Oil

Exploration Well Offshore Gabon Finds No Hydrocarbons but Development Plans Continue

Offshore Gabon Exploration Well Finds Water Instead of Oil as Etame Drilling Program Continues An exploration well drilled offshore Gabon has failed to discover hydrocarbons, according to the operator, which said the drilling was part of ongoing efforts to expand resources in the country’s offshore fields. The step-out well was drilled within the Etame Marine License, where the operator is carrying out a multi-well drilling campaign aimed at sustaining production and identifying additional reserves. Beyond

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Diamonds International News

S&P Global Downgrades Botswana’s Sovereign Ratings Amid Diamond Market Weakness

Botswana Credit Rating Cut to BBB- by S&P Global as Diamond Market Struggles Persist On Friday, S&P Global Ratings downgraded Botswana’s long-term foreign and local currency sovereign credit ratings to “BBB-” from “BBB”, citing structural weaknesses in the global diamond market that are expected to weigh on the country’s minerals-dependent economy for longer than previously anticipated The ratings agency also lowered Botswana’s short-term foreign and local currency sovereign credit ratings to “A-3” from “A-2” and

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International Gas News Oil

Nigeria Seeks to Strengthen Its Position in Global Oil and Gas Supply

Nigeria Positions Itself as a Strategic Alternative in Global Oil Supply Amid Middle East Tensions Faced with persistent geopolitical tensions in the Middle East, Nigeria is seeking to strengthen its role in the global supply of oil and gas. As Africa’s leading crude oil producer, the country is positioning itself as a credible alternative to help diversify hydrocarbon sources on international markets. In a recent media appearance, Nigerian Foreign Minister Yusuf Maitama Tuggar called on

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International News Oil Petroleum

Libya’s Arabian Gulf Oil Company Launches Production at Z-13 Well in Al-Bayda Field

Libya Starts Production at Z-13 Well in Al-Bayda Field as AGOCO Expands Oil Output Arabian Gulf Oil Company (AGOCO) has officially started production at the Z-13 well in the Al-Bayda Field in Libya, marking another step in the country’s efforts to increase oil output and strengthen its energy sector. The company confirmed that the well has been successfully connected to the Al-Door Production Station after maintenance teams completed the required mechanical linkage. The project included

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Local Energy News

Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection

Angola and Namibia Strengthen Energy Ties, Discuss Power Interconnection and Baynes Hydroelectric ProjectAngola and Namibia held a high-level meeting on Monday to review the implementation of energy cooperation projects, with a particular focus on the Angola-Namibia electricity interconnection. The discussions took place between Angola’s Minister of Energy and Water, João Baptista Borges, and Namibia’s Minister of Industries, Mines, and Energy, Modestus Tshitumbe Amutse. Also in attendance was Angola’s Secretary of State for Energy, Arlindo Carlos.

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International News Oil

Oil Hits Multi-Year High as Iran Conflict Escalates, Boosting Vegoils and Aluminium

Oil Surges 25% to Highest Since 2022 Amid Iran War, Driving Vegoils and Aluminium Prices Oil prices surged nearly 25% on Monday, reaching their highest levels since mid-2022, with Brent crude on track for a record one day gain. In contrast, gold fell 2% as the escalating Iran conflict disrupted global energy supplies, strengthened the dollar, and dampened expectations of near-term interest rate cuts. Agricultural markets, led by edible oils, rose in tandem with crude

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Oil Economy International News

Global Oil Prices Surge Amid Rising Tensions in the Middle East

Oil Prices Jump Above $114 as Strait of Hormuz Disruptions Trigger Global Energy Market Fears Global oil prices surged sharply on Monday, March 9, 2026, as escalating geopolitical tensions in the Middle East and disruptions to maritime traffic in the Strait of Hormuz raised fears of a major shock to global energy supplies. According to energy market data, the international benchmark Brent crude was trading at around $114 per barrel at the start of the

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International News Oil

Middle East Tensions Send Oil Prices Higher, Raising Inflation Risks for Africa

Oil Price Surge After US Strikes on Iran Threatens Higher Fuel Costs and Inflation Across Africa A geopolitical conflict thousands of kilometres away is once again threatening to raise the cost of living across Africa. Within hours of US-led airstrikes on Iran on February 28, global oil markets reacted sharply, with Brent crude prices jumping from about $67 to above $82 per barrel a surge of more than 20% in just a few days. It

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