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Diamonds International News

Anglo puts De Beers up for sale according to the Wall Street Journal

29, April, 202429, April, 2024

Anglo American is considering a sale of De Beers according to an article in the Wall Street Journal (WSJ) quoting “people familiar with the matter.” The diamond group has under-performed recently as the global diamond market has not recovered in terms of sales volumes and prices as expected. De Beers announced on Tuesday that it would cut its production forecast for 2024 by 10% to between 26m carats and 29m carats with Anglo CEO Duncan

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Oil News Petroleum

Dangote Refinery Surpasses Europe’s Giants in Capacity

29, April, 202429, April, 2024

The Dangote refinery, with a staggering processing capacity of 650,000 barrels per day (bpd), has emerged as a powerhouse, eclipsing Europe’s largest refineries, according to a recent Bloomberg report. Owned by Africa’s wealthiest individual, the $20.5 billion Dangote refinery has finally commenced production in January after facing prolonged delays. Its capacity outshines that of Europe’s leading refineries, such as the Pernis Refinery in the Netherlands, which has an installed capacity of 404,000 bpd, and the

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International News Oil Petroleum

Top 10 African countries with the highest fuel prices in April 2024

29, April, 202429, April, 2024

Over the past year, fuel prices increased in several African countries. Most of Africa, especially its biggest nations, faced significant fiscal challenges at the start of 2023 and, consequently, the new year. However, these pressures are projected to be eased, as measures and initiatives are being put in place to curtail the energy inflation plaguing the continent. Rising petroleum prices rapidly impact costs associated with transportation, which puts pressure on the cost of products and

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Oil News Petroleum

Nigeria Bleeds $9.2 Billion Annually in Oil Revenue to Foreign Shipping Firms

29, April, 202429, April, 2024

A recent report sheds light on Nigeria’s staggering annual loss of $9.2 billion in its oil industry, primarily attributed to foreign shipping companies. This revelation underscores one of several avenues through which Nigeria’s oil and gas sector hemorrhages revenue. The Punch newspaper detailed how Nigeria forfeits $9.2 billion annually to foreign shipping firms that handle goods that could be managed by a national fleet. Hassan Bello, former Chairman of the National Fleet Implementation Committee, emphasized

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International News Oil Petroleum

UAE-Backed Loan Raises Concerns Over South Sudan’s Oil Future

29, April, 202429, April, 2024

A company associated with the Abu Dhabi royal family has struck a massive €12 billion deal with South Sudan, involving oil repayment, raising questions about the country’s economic future. The Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has inked the agreement with South Sudan, as revealed in a confidential report reviewed by Bloomberg. The deal, signed between HBK DOP and South Sudan’s former finance minister, Bak Barnaba Chol, outlines repayment terms involving oil

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Oil News Petroleum

OPEC excited about partnership with Namibia

29, April, 202429, April, 2024

OPEC is considering Namibia for potential membership, and willing to assist the country its oil exploration journey. Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has expressed enthusiasm about a prospective collaboration with Namibia, and affirmed OPEC’s readiness to assist the southern African nation in its oil exploration journey. The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership, Reuters reported. This move comes as

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Local News

Choice center generates close to 800 jobs

28, April, 202428, April, 2024

A total of 785 jobs were generated by Sociedade Mineira de SOMILUANA, located in the municipality of Lucapa, province of Lunda-Norte, with the inauguration, last week, of a new sorting plant, which will increase production levels. The information was provided by the chairman of the company’s Board of Directors, Reinaldo Trindade, during the inauguration, revealing that 98 percent of the jobs created are occupied by Angolan citizens. Reinaldo Trindade announced that, with the start of operation of

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Local News Oil Petroleum

Angola Enforces Stricter Laws on Petroleum Smuggling

28, April, 202428, April, 2024

Angola has taken a decisive step in curbing the illicit trade of petroleum products with the recent approval of Law No. 5/24. This legislation, aimed at combating smuggling, introduces harsh penalties for offenders and implements measures to confiscate assets gained from illegal activities. Under the new law, individuals involved in importing or exporting petroleum products to and from Angola face severe consequences, including prison terms ranging from three to twelve years. Moreover, swift mechanisms have

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Economy Local News

Trade with Indonesia grew by almost 85 percent

28, April, 202428, April, 2024

Trade between Angola and Indonesia rose from 190.6 million dollars in 2019 to 1,033 million in 2023, a growth of 84.95 percent in five years, announced last week in Luanda, the minister advisor for Economic Affairs of the Indonesian Embassy in Namibia. Sulthon Sjahril made these statements at the Angola/Indonesia Business Forum, adding that, in 2022 alone, Angolan exports of petroleum oils, oils obtained from bituminous minerals and crude amounted to US$837.63 million. That same

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Local News Oil

Angola exports 94.41 million barrels of oil in the first quarter

27, April, 202427, April, 2024

During the 1st quarter of this year, Angola exported around 94.41 million barrels of crude oil, valued at approximately US$7.77 billion, with an average price of US$83.161 per barrel. The data was announced this Wednesday, 25.04, during the presentation of the behavior of the Angolan oil and gas industry for the 1st quarter of 2024 and projection for the 2nd quarter. As in previous quarters, China was the main destination for Angolan oil (49.65%), followed

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