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Angola Oil Revenue Rises to $7.16 Billion in Q1 on Stronger Prices
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The prices of oil in the international market closed in decline again this Friday, reaching $73.25 per barrel, a decrease of 0.70 percent, falling 0.95 percent, despite having fluctuated near stability for part of the day. International experts point to the cause as the attacks by Houthi rebels in the Red Sea against cargo ships, the reaction of the United States, tensions with Iran, and the war between Israel and Hamas were not enough to
Angola has officially granted a $5.7 million mining license to the multinational mining corporation Rio Tinto. The formalization of this agreement took place during a signing ceremony attended by key officials from both parties on Wednesday, January 17, in Luanda. The awarded license outlines Rio Tinto’s exploration focus on basic metals, including copper, cobalt, zinc, titanium, and aluminum. This exploration will be conducted within the expansive 9,887 km² Moxico Concession, located in Angola’s Moxico province.
UAE-based multi-asset investment group, Dubai Investments, has announced plans to develop an integrated residential,commercial and industrial hub in Angola. The project – Dubai Investments Park (DIP) – represents the company’s first in Africa and will be built on 2,000 hectares in the Dande Municipality in Bengo Province. “DIP Angola presents a prime prospect for investors seeking diversification and business expansion within a burgeoning economy that holds immense potential for large-scale industries, providing direct pathways to
Sonangol announced, in a statement, on Wednesday January 17th, that it had launched an international competition to select fuel suppliers to the country for the period from April 1, 2024 to March 31, 2025. In the document, the company declares that it has launched a limited tender, for which it invited 14 companies, of which some will be selected to conclude contracts to supply gasoline and diesel in the form of on-site delivery. Competitions of
Under efforts to strengthen bilateral relations, Angola and Tanzania signed three Memoranda of Understanding (MoU) in Zanzibar on January 16. The agreements include a cooperation MoU related to the oil and gas industry; an MoU for the waiver of visas and passports for diplomatic and professional holders; and a cooperation document in the health sector. In addition to the agreements, the countries agreed to explore new avenues for collaboration in areas such as air travel
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
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
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
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
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
