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Local News Oil Petroleum

Etu Energias Launches Lubricant Line in Angola

14, March, 202414, March, 2024

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

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Local News Technology & Innovation

Angola and Estonia Sign Digital Cooperation MoU

14, March, 202414, March, 2024

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

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Local Economy News

IMF defends continued removal of Fuel subsidies this year

14, March, 202414, March, 2024

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

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Economy Local News

Central bank increases exposure to the Euro

14, March, 202414, March, 2024

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

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Local Gas News Oil

Sonangol Takes Lead in Methane Reduction and Rural Gas Project

14, March, 202414, March, 2024

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

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Local News Transport and Logistics

Lobito Corridor attracts financial aid to 370 companies

14, March, 202414, March, 2024

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,

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Local Mining News

Tetelo Copper Mine Nears Completion in Uíge Province

14, March, 202414, March, 2024

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,

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Local Expos & Events Gas Oil

Angola to Present Lucrative Energy Sector Opportunities at Beijing Conference

14, March, 202414, March, 2024

Angola will showcase business opportunities at the Mines, Oil, and Gas Conference in Beijing on Saturday, the 16th, coinciding with President João Lourenço’s visit to China. The National Oil and Gas Agency (ANPG) will present oil block offerings and onshore block development infrastructure, while the Petroleum Derivatives Regulatory Institute (IRDP) will discuss downstream investment opportunities. Sonangol, Angola’s public hydrocarbons company, will highlight opportunities in upstream exploration and production, midstream projects like the Lobito refinery, and

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Local Economy News

International Interest in António Agostinho Neto International Airport Concession Grows

14, March, 202414, March, 2024

Several international companies have submitted proposals to the government for the concession of management rights for the “Dr. António Agostinho Neto” International Airport (AIAAN). In recent days, these companies have conducted prospecting visits to assess the infrastructure’s potential and business opportunities. According to the Ministry of Transport, four European and American companies with expertise in airport management have acquired the specifications for the concession tender. They have also conducted technical visits to the airport to

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Oil Local Petroleum

Angolan Oil Industry Struggles with Local Content Participation

14, March, 202414, March, 2024

Angolan companies represent a mere 2% of oil contracts, amounting to $18.2 billion annually, while foreign companies dominate the sector with 98%, according to Berta Issa, the new president of the Association of Indigenous Companies for the Angolan Oil Industry (ASSEA), as reported by Angop. Issa highlighted the challenges faced by local companies, including the lack of implementation of methodologies for measuring local content, absence of payment instructions allowing transactions in both local currency and

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