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Economy Local News

Private Sector Investments Hit $1.7B Over 5 Years

19, January, 202419, January, 2024

The Angolan economy has attracted $1.7 billion in investments from global private sector entities in the last five years, according to the country’s Private Investment and Export Promotion Agency (AIPEX). Chairman of the Board of Directors of AIPEX, Lello Francisco, disclosed that these investments have materialized into the realization of 211 projects, concentrated primarily in the productive sector encompassing manufacturing, agriculture and trade. The projects initiated as a result of the investments are expected to

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Oil International News Petroleum

Nigerian Consortium Secures Shell’s Onshore Oil Assets for $1.3 Billion

19, January, 202419, January, 2024

British Multinational oil and gas company shell, is set to divest the Shell Petroleum Development Company of Nigeria Limited (SPDC), which holds onshore oil assets in the Niger Delta region of Nigeria. The sale, valued at $1.3 billion, involves a consortium primarily composed of local energy entities including ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin. Additional payments of up to $1.1 billion are anticipated and the completion of the transaction is contingent upon

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Diamonds Economy Local News

ENDIAMA Reports $1.5 Billion Turnover for 2023 Amidst Market Pressures

19, January, 202419, January, 2024

The National Diamond Company of Angola (ENDIAMA) disclosed a 2023 turnover of $1.5 billion, attributable to the production of over nine million carats. The announcement came during a press conference in Luanda, where Ganga Júnior, the President of the Board of Directors, presented an overview of the year’s activities. Ganga Júnior acknowledged a decrease in profit, citing investments in prospecting projects, reinforced mining activity, and challenges in diamond sales on the international market. ENDIAMA’s net

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Diamonds Local News

Endiama presents balance sheet for the 2023 financial year

19, January, 202419, January, 2024

The National Diamond Company of Angola (Endiama) presented, on Wednesday January 17th in Luanda, at a press conference, the balance of actions for 2023 and the goals to be achieved in 2024. The chairman of the Board of Directors, José Ganga Júnior, presented data and disseminated information on Endiama’s evolution over the past year, as part of the celebrations of the diamond company’s 43rd anniversary, created on January 15, 1981. According to available data, Endiama raised, in

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Local Economy News

Menzies Aviation Announces Joint Venture with SGA Angola

19, January, 202419, January, 2024

Aviation services company, Menzies Aviation, has established a joint venture with Angolan airport management company, Sociedade Gestora de Aeroportos (SGA-SA). Dubbed Menzies Angola, the joint venture will be responsible for delivering cargo and lounge services at the Luanda International Airport – the main international airport in Angola. Menzies Angola will serve a number of regional airlines – including Angola’s national carrier, TAAG-Angola Airlines, and Ethiopian Airlines – as well as international carriers including Air France

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International Diamonds News

De Beers to spend $1bn on Jwaneng expansion

18, January, 202418, January, 2024

DE Beers will go ahead with a planned $1bn investment to extend the life of its flagship Jwaneng mine in Botswana, said Reuters citing the diamond firm’s CEO Al Cook. The investment would proceed even as the 2023 downturn in gem demand persisted, the newswire added. The Anglo American unit and the Botswana government, which jointly own Debswana Diamond Company, have approved the spending that will convert the Jwaneng pit into an underground operation, said

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Petroleum International Oil

Nigeria’s NNPC Receives First Tranche of $3.3B Afreximbank Loan

16, January, 202416, January, 2024

The African Export–Import Bank (Afreximbank) has disbursed a $2.25-billion loan to support the Nigerian National Petroleum Corporation (NNPC) in bolstering services across the petroleum value chain and improving the country’s macroeconomic stability. The loan is part of a $3.3-billion financial package extended to the NNPC by Afreximbank, Gunvor International BV and Sahara Energy Resources Limited. In addition to restoring stability, the loan serves to facilitate Nigeria’s access to import financing for raw materials and essential

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Diamonds International News

De Beers cuts Diamond prices to revive sales

15, January, 202415, January, 2024

De Beers made big cuts to its diamond prices as the world’s top producer tries to revive gem sales after the market ground to a halt last year. The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how

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Local Mining News

Angolan sovereign wealth fund satisfied with Longonjo construction progress

15, January, 202415, January, 2024

Angolan sovereign wealth fund Fundo Soberano de Angola (FSDEA) is “delighted to see the excellent progress” that is being achieved on site at the Longonjo rare earths project, as this is an important project for the entity, FSDEA chairperson Armando Manuel has said. On January 10, London-listed Pensana Rare Earths and its local subsidiary Ozango Minerais welcomed the full board of FSDEA to Longonjo for a site inspection. The six members of the board were

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International Gas News

Cheap US gasoline heads to Australia, Mozambique in rare shipments

15, January, 202415, January, 2024

Cheap gasoline from a supply glut along the U.S. Gulf Coast has reopened far-flung markets including Australia and Mozambique to exports of the U.S. fuel. U.S. gasoline demand at the end of December fell to the lowest in a year. Stocks in PADD 3 along the Gulf Coast were up 9.5% over a year earlier at the end of last month as refiners cranked up production after fall maintenance outages. A cargo of U.S. gasoline

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