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International News Oil

Galp Energia Boosts 2024 Profit Outlook and Seeks Partner for Massive Namibia Oil Find

Galp Raises 2024 Earnings Forecast and Eyes Strategic Partner for 10 Billion-Barrel Namibia Oil Discovery Portuguese energy group Galp Energia has raised its full-year profit forecast after reporting better-than-expected second-quarter results and revealed plans to bring in a development partner for its significant offshore oil discovery in Namibia. The company now expects adjusted EBITDA to exceed €2.7 billion in 2024, up from its previous estimate of €2.5 billion.The revision comes on the back of strong

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International Gas News

Morocco to Begin Construction of $6 Billion Nigeria Gas Pipeline in July

Morocco Set to Launch $6 Billion Phase of Nigeria-Morocco Gas Pipeline Project in July 2025 Morocco is set to break ground this July on the $6 billion first phase of the ambitious Nigeria-Morocco Gas Pipeline, a transformative infrastructure project that will stretch more than 5,000 kilometers across West Africa. The pipeline aims to transport natural gas from Nigeria to Morocco, passing through 11 African nations and eventually supplying energy to both African and European markets.

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Diamonds Economy International News

Botswana Faces Currency Pressure as Diamond Revenues Collapse

Botswana May Devalue Pula Again Amid 49% Diamond Revenue Drop and Weakening Forex Reserves Citigroup Inc. has issued a warning that Botswana may be forced to devalue its currency once more as falling diamond revenues—the cornerstone of the nation’s economy—put increasing pressure on fiscal and monetary stability. Earlier this month, the Bank of Botswana revised its exchange rate policy, allowing the pula to depreciate by up to 2.76% against a weighted basket of currencies in

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International Gas News Oil

Zambia Inks $1.1 Billion Deal for Oil Refinery and Energy Hub in Ndola

Zambia to Build $1.1 Billion Oil Refinery in Ndola to Cut Fuel Imports and Boost Exports Zambia has signed a landmark $1.1 billion agreement to construct a crude oil refinery and integrated energy complex in Ndola, located in the country’s Copperbelt Province, the government announced Monday. The project, aimed at reducing Zambia’s heavy reliance on imported fuel, will be developed through a partnership between the state-owned Industrial Development Corporation (IDC) and China’s Fujian Xiang Xin

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International News Oil

East African Crude Oil Pipeline Hits 64.5% Completion, Driving Regional Growth

EACOP Pipeline Reaches 64.5% Completion, Generates $19.5 Million for Tanzania The East African Crude Oil Pipeline (EACOP), also known as the Uganda–Tanzania Crude Oil Pipeline (UTCOP), has reached a major implementation milestone, with 64.5% of construction now complete. The $5 billion cross-border infrastructure project has already generated over TSh50 billion (approximately $19.5 million) in revenue for Tanzania through taxes, levies, and construction-related charges. Spanning 1,443 kilometers, EACOP is set to become the world’s longest heated

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Diamonds International News

WFDB President Calls for United Action to Protect Natural Diamond Market Amid Lab-Grown Surge

WFDB Urges Global Diamond Industry to Defend Natural Diamonds as Lab-Grown Sales Surge The World Federation of Diamond Bourses (WFDB) President Yoram Dvash has voiced serious concern over the rapid rise of synthetic diamonds, warning that their growing market share poses a significant threat to the value, perception, and future of natural diamonds. Dvash described the rise of lab-grown diamonds as a “meteoric” shift. What began as a marginal trend has turned into an overwhelming

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Transport and Logistics Local News

Lobito Rail Project Gains U.S. Momentum as Gateway for Africa’s Copper and Cobalt

U.S. Supports Lobito Corridor Rail Project Linking DRC, Angola, and Zambia to Accelerate Mineral Exports The United States has reaffirmed its commitment to advancing the Lobito Corridor—a transformative rail project that will connect the Democratic Republic of Congo (DRC), Angola, and Zambia—in a move aimed at boosting regional trade and unlocking economic opportunities. Speaking in a recent interview, U.S. Ambassador to the DRC, Lucy Tamlyn, described the Lobito Corridor as a powerful lever for economic

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International News Oil

Uganda Advances Energy Strategy with New Oil Refinery and Workforce Development

Uganda Partners with UAE Firm to Build Oil Refinery and Boost Skilled Workforce in Energy Sector Uganda is strengthening its national oil strategy by launching a domestic crude oil refinery to complement its export-oriented projects. A new agreement with a UAE-based company will lead to the construction of this key facility, with ownership shared between the foreign investor and the Uganda National Oil Company (UNOC). Construction is expected to commence soon, and the refinery is

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Local News Transport and Logistics

Angola’s TAAG Airlines to Acquire Boeing 787s in $297M U.S.-Backed Deal

Angola’s TAAG Secures $297M EXIM-Backed Deal for Boeing 787 Jets to Boost Luanda’s New Aviation Hub Angola’s state-owned airline, TAAG Angola Airlines, is set to acquire Boeing 787-10 wide-body aircraft and General Electric Aerospace engines through a $297 million financing package backed by the U.S. Export-Import Bank (EXIM). The agreement, announced Wednesday, will support the delivery of new aircraft and spare engines while strengthening U.S. manufacturing jobs and Angola’s aviation infrastructure. According to Bloomberg, the

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Gold International News

Ghana Plans Gold Export Hedging to Safeguard Reserves

Ghana to Hedge Gold Exports and Regulate Cryptocurrency to Protect Forex Reserves and Ensure Monetary Stability Ghana is preparing to hedge its gold exports in a strategic move to protect the foreign exchange earnings that have significantly strengthened the country’s central bank reserves, according to Bank of Ghana Governor Johnson Asiama. Speaking at an event in Accra, Asiama highlighted that rising gold production and strong global prices have helped push Ghana’s gross international reserves to

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