De Beers Board Member Matome Tsholetsa Malema Passes Away
Sodiam Raises $25.8 Million in 16th Rough Diamond Auction
Shell Reaffirms Commitment to Reviving Angola’s Oil Production
Sonangol Oil Tanker Damaged by Explosion Near Iraqi Port
Angola and Namibia Advance Energy Cooperation with Focus on Electricity Interconnection
Oil Hits Multi-Year High as Iran Conflict Escalates, Boosting Vegoils and Aluminium
Ghana Prepares Alternative Gold Export Routes Amid Dubai Flight Disruptions
Global Oil Prices Surge Amid Rising Tensions in the Middle East
Middle East Tensions Send Oil Prices Higher, Raising Inflation Risks for Africa
Uganda Central Bank Launches Domestic Gold Purchase Programme to Boost Reserves
De Beers Group reported that rough diamond sales increased from US$374 million in the last cycle to US$430 million in the second 2024 sales cycle. The Group released the provisional rough diamond sales figure quoted for Cycle 2 on Wednesday.According to De Beers, the figures represent the expected sales value for the period and remain subject to adjustment based on final completed sales. De Beers Group CEO Al Cook said it was pleasing to see
Namibia’s Petroleum Commissioner, Maggy Shino, outlined the country’s strategy for the coming years, emphasizing the drive for increased investment in exploration activities and the utilization of technological advancements to enhance data analysis and partnerships. Shino affirmed Namibia’s commitment to maintaining an open licensing regime to attract a diverse range of oil and gas companies to explore the Namibian continental shelf. She highlighted imminent final investment decisions on discoveries by major players like Total Energies, Shell,
With plans to increase oil production to 1.18 million barrels per day (bpd) in 2024, Angola’s burgeoning hydrocarbons sector has created significant opportunities for global players. Boasting nine billion barrels of oil and 11 trillion cubic feet of natural gas, Angola has only just started to unlock the full potential of its resources. The country is primed to benefit from the capital and expertise of U.S. companies and investors, whose presence in the country has
Etu Energias, Angola’s largest private oil company, has inaugurated a lubricant production line in collaboration with Glide Technology, a prominent petroleum product producer in the region. The partners have established a joint venture company to spearhead the development of a state-of-the-art lubricant production facility in Luanda, the capital of Angola. With a production capacity of 1,000 tons per month, the facility is set to commence construction in 2025, requiring an investment of $5 million. Anticipating
Angola and Estonia have taken a significant step towards enhancing collaboration in the digital sector by signing a memorandum of understanding (MoU). President João Lourenço and his Estonian counterpart, President Alar Karis, formalized the agreement during President Karis’s official visit to Luanda on March 8. The MoU aims to foster cooperation between the two nations in digital technology, with a focus on knowledge sharing and expertise exchange. Estonian digital entrepreneurs will play a pivotal role
The International Monetary Fund (IMF) considers that the Government will continue with the gradual removal of fuel subsidies, as long as the process is accompanied by mitigation measures, such as the direct transfer of income to the vulnerable population, in order to offset the effects adverse, declared, this Monday, in Luanda, the resident representative of the financial institution. Victor Lledo added, in the presentation of the Article IV assessment report (from the IMF to member
The National Bank of Angola (BNA) plans to increase exposure to the Euro, in a decision explained by the return to positive interest rates in the European monetary bloc and geopolitical factors that have led central banks to diversify reserves. “The BNA intends to increase exposure to the Euro, but not necessarily to the detriment of other currencies,” declared the central bank in a statement cited by Reuters. “For a decade, the Euro was in
Sonangol, Africa’s leading oil producer, has made history by becoming the first African company to join the “Aiming For Zero” initiative, spearheaded by the Oil and Gas Climate Initiative (OGCI). This groundbreaking commitment aims to significantly reduce methane emissions from oil and gas facilities, aligning with global climate objectives outlined in the Paris Climate Agreement. With nearly 100 companies onboard, including Sonangol, the initiative strives to achieve near-zero methane emissions by 2030. By joining this
The “Diversifica Mais” initiative, launched by the Ministry of Planning in Luanda, aims to drive economic diversification and job creation along the Lobito Corridor. This project is set to support 370 companies operating within the corridor, while offering technical assistance to an additional two thousand enterprises. Led by project director Laércio Cândido, Diversifica Mais aims to increase private investment and foster growth among micro, small, and medium-sized enterprises. With a projected timeline extending until 2029,
The Tetelo Copper mine, situated in the Mavoyo region of Maquela do Zombo, Uíge province, is entering its final stages of implementation, with production expected to commence within six months, according to Marcelino Ferreira, director of the Uíge Provincial Office of Integrated Economic Development. Speaking to Rádio Nacional de Angola, Ferreira revealed that the Sociedade Mineira de Cobre de Angola aims to achieve an initial daily production of up to eight thousand tons of copper,
