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Local News

Aebran Addresses the Oil Production Chain

30, October, 202330, October, 2023

The 130 participants praised the initiative to present the country’s production chain and identify opportunities for local companies to become involved in the project called “Conexão Aebran.” During the event held on Thursday night, in addition to the welcoming remarks from Raimundo Lima, the President of Aebran – the Association of Brazilian Entrepreneurs and Executives in Angola, the event featured speeches by Diogo Gomes, the Commercial Director of the TD Hotels Group, who discussed the

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Economy Local News Oil

Oil Prices Recover in the Global Market Three Weeks After the Decline

30, October, 202330, October, 2023

Despite the Middle East tensions, oil prices have risen in the market. The Brent crude oil for December delivery fell by 1.8 percent to trade at $88.49 per barrel at 2:00 PM ET in Friday’s intraday session, while the December WTI contract also dropped by a similar margin to change hands at $83.88 per barrel. Brent has now fallen by 7 percent in the past week, while WTI fell by 4.8 percent over the same

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Economy International News

ENI FLNG Bolsters Mozambique’s Economy with 6.5% GDP Surge

27, October, 202327, October, 2023

The natural gas operations by the Coral Sul floating platform off the coast of the northern Mozambican province of Cabo Delgado, over the last year, have contributed 6.5 percent to the increase in the Gross Domestic Product (GDP). The figure was announced by the representative of the Italian energy company ENI in Mozambique, Giorgio Vicini, who was speaking at a meeting on the challenges of the gas and electricity sectors. The Coral Sul floating LNG

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Diamonds Economy International News

DRC’S HISTORIC BAKWANGA DIAMOND MINER SEEKS FRESH CAPITAL FOR RECOVERY

27, October, 202327, October, 2023

The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy. After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was. The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed

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Gas Local News

Malanje Province Offers Support and Subsidized Credit to Fuel Station Investors

27, October, 20239, November, 2023

António Feijó, who spoke on Tuesday 27th October, during the opening of the first seminar to promote the construction and rehabilitation of new fuel stations, stated that candidates interested in investing in the sector will receive support from the banking institutions based in the province of Malanje, through subsidized credit, as well as from companies with the capacity to build these mentioned facilities. According to the official, the province of Malanje has 25 fuel stations,

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Economy Local News Oil

Sonangol and CNCEC Finalize Lobito Refinery Agreement

27, October, 202327, October, 2023

Angola’s National Oil Company (NOC) Sonangol and the construction and engineering company, the China National Chemical Engineering Company (CNCEC), have signed a contract for the construction of the $6 billion Lobito refinery in the southern African country. The final agreement, which was signed on 24 October in the city of Lobito, Benguela Province, provides for the construction, technical support, and supervision of the construction process for the 200,000 barrel-per-day (bpd) refinery. “The processing capacities of

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Economy International News Oil

Crude Oil Surges Over $1 Amid Heightened Concerns of Middle East Conflict Escalation

27, October, 202327, October, 2023

Oil prices rose by over $1 on Friday 27th October, as reports that the US military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East-producing region. Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a barrel by 0338 GMT. The US West Texas Intermediate contract for December climbed $1.08, also 1.3%, to $84.29 a barrel. The strikes on two facilities

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Economy Explosives News

Kenya and Angola Forge Deeper Ties with the Signing of 11 Memos of Understanding

26, October, 202326, October, 2023

The Governments of Kenya and Angola signed 11 Memoranda of Understanding (MoUs) aimed at strengthening bilateral relations between the two countries. The agreements will serve to enhance cooperation in oil and gas, mining, shipping and maritime cooperation. Additional areas of cooperation include wildlife management and conservation, youth development, agriculture, trade, information and communication technology and health. The MoUs were signed on 21 October by the countries’ respective cabinet secretaries and witnessed by Kenya’s President William

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Economy Gold International Mining News

Shanta Maintains Steady Production in the Third Quarter

26, October, 202326, October, 2023

Aim-listed gold producer, developer and explorer Shanta Gold has reported steady gold production in line with expectations in its production and operational results for the quarter ended September 30. The report covers the company’s East African assets, comprising the New Luika and Singida gold mines, in Tanzania, and the West Kenya project, in Kenya. Our performance over the third quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with group gold production across our two operating mines of 27 935

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Diamonds Economy International Mining News

Anglo Sees Copper Production Surge While Rough Diamond Production Declines

26, October, 202326, October, 2023

However, this was offset by rough diamond production decreasing by 23% and steelmaking coal production decreasing by 21%. Moreover, nickel production was down 7% on lower grades and planned plant maintenance at the Minas-Rio iron-ore operation in Brazil put overall iron-ore production at a 4% lower level than the corresponding period of last year. Now, the focus of the London- and Johannesburg-listed company is on delivering full-year production guidance in line with a planned stronger

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