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Local News Oil Petroleum

Angola’s Fuel Sales Increase in Q2 Despite Drop in Imports

Angola’s fuel sales volume in the second quarter reached 1.22 million metric tons, marking a 3% increase compared to the previous quarter, according to the Petroleum Derivatives Regulatory Institute (IRDP). The report, released yesterday, highlights that state-owned Sonangol continues to dominate the market with a 62.3% share, followed by Puma Energy (21.9%). The remaining 15.8% is divided among Sonangalp (7.2%), Total Energies Marketing Angola (6.6%), and Etu Energias (1.7%). The data shows a significant 38%

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News Local Oil

Sonangol Breaks Ground on New Cabinda Headquarters to Boost Efficiency and Local Employment

The foundation stone for Sonangol’s new headquarters in Cabinda was laid yesterday, marking a significant step towards improving the company’s operational efficiency and creating employment opportunities for local residents. This milestone was highlighted by Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, who emphasized that the new facility will not only provide better working conditions for employees but also streamline various company functions under one roof. The upcoming building, which will accommodate around 100

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Local Economy News Oil

Angola to Enhance Energy Security with Three New Refineries

Angola is enhancing its energy security with the development of three new refineries, raising its capacity to 400,000 barrels per day (bpd). The Cabinda refinery is set to be commissioned by the end of 2024, followed by the Lobito and Soyo refineries from 2025 onwards. According to a statement published in the Angola Oil & Gas (AOG) 2024 pre-conference program, specialist consulting company CITAC Africa will present a workshop titled “Demand and Supply Trends for

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International News Oil

TotalEnergies and Bujagali Energy Ltd. Forge Partnership to Boost Uganda’s Renewable Energy Sector

TotalEnergies and Bujagali Energy Ltd. have signed an agreement to invest in energy projects in Uganda, reflecting TotalEnergies’ commitment to renewable energy across Africa and supporting the continent’s energy transition. The agreement includes TotalEnergies acquiring a 28.3% stake in the Bujagali hydropower plant in Jinja, Uganda, which has a capacity of 250 MW and significantly contributes to the country’s electricity supply. Additionally, TotalEnergies will acquire minority stakes in two other projects under development in Rwanda

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International News Oil

Libya Begins Partial Shutdown of Its Largest Oil Field

Libya has initiated a partial shutdown of production at its largest oil field, Sharara, according to three individuals with direct knowledge of the operations. As of Saturday night, output at the Sharara field decreased by 30,000 barrels per day to 230,000. The reduction followed orders to partially shut down production, said the sources, who requested anonymity as they are not authorized to speak to the media. The reason for the shutdown and the timeline for

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Local News Oil

Sonangol’s Privatization Hinges on Overcoming Fuel Subsidy Challenges

Sonangol has sold 49 assets within its group but will only proceed with privatization after resolving the issue of fuel subsidies, according to the state oil company’s financial director. Initially scheduled for this year, the privatization, involving the dispersal of 30% of Sonangol’s capital on the stock exchange, has been postponed until 2026. “There is a very important issue related to subsidies for fuels that needs to be addressed,” Baltazar Miguel told Lusa. The discrepancy

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Oil News

Brent Oil Prices Drop to Lowest Levels Since January Amid US Recession Fears

On Monday, Brent crude oil, a key benchmark for Angolan exports, fell by approximately 1.76%, reaching its lowest price since January. Concerns over a potential recession in the United States contributed to this decline. According to Banca March, cited by Efe, recent data indicating a slowdown in US employment and industrial activity, coupled with weak growth signs in China, have fueled investor fears of reduced oil demand. At 1 PM today, Brent crude was trading

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Oil Local News

Mota-Engil Consortium Wins Tender to Revitalize Porto-Amboim Naval Shipyard

A consortium of two Mota-Engil companies has won the tender to revitalize the Porto-Amboim Naval Shipyard (Paenal), an infrastructure designed for the oil industry, announced Sonangol. In a statement, the state-owned oil company revealed that four companies participated in the tender for Paenal’s revitalization, which includes implementing a maintenance, repair, and shipbuilding project. Two companies were disqualified for not meeting the requirements. Sonangol deemed the consortium of Mota-Engil, Engenharia e Construção Africa, S.A., and Mota-Engil

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Local News Oil

Angola’s Q2 Fuel Imports Drop 8% to $689 Million

In the second quarter of 2024, Angola imported 1.1 million metric tons of fuel valued at $689 million, reflecting an 8% decline from the previous quarter, according to official data. The Regulatory Institute for Petroleum Derivatives (IRDP) reported that 59.4% of the total volume was diesel, 22.2% gasoline, 12.3% fuel oil, 3.8% Jet-A1, 1.2% asphalt bitumen, and the remainder illuminating oil. The origin of these fuel acquisitions was 35.4% from the Luanda Refinery, 0.8% from

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Oil News

Pumangol’s Jet Fuel Sales Surge 45% in Q2 Amid Growing Customer Base

Pumangol reported a significant 45% increase in jet fuel (Jet-A1) sales over three months. In the second quarter of this year, the company earned 7.2 billion kwanzas from Jet-A1 sales, marking a notable rise compared to the previous quarter. The surge in sales is attributed to the acquisition of new customers and an increase in the number of weekly flights by existing customers, according to a statement cited by Angop. Despite a 19% year-to-date decrease

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