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Energy Mining

DRC Mining Week advocates the transformation of political will into energy

16, June, 202316, June, 2023

The forum on energy investments held during the DRC Mining Week has put forward recommendations, including the need to transform the political will of governments into actual energy. Participants at the forum emphasized the importance of pragmatism alongside their aspirations. The event took place on June 14, 2023, in the Bukavu room of the Karavia hotel in Lubumbashi, with John Kanyoni from the FEC Chamber of Mines serving as the moderator. The forum’s central theme

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Economy Gas Oil

World: Major Producers Continue To Invest In Oil And Gas.

16, June, 202316, June, 2023

The main oil and gas producing countries continue to increase their investments in the production of fossil fuels even when they should have already ended it, in order to limit global warming to +1.5°C,” indicates a pro-climate structure. According to this analysis, fossil fuels are at the heart of climate disturbances. The analysis also illustrates that oil, gas, and coal alone are responsible for approximately 90% of global greenhouse gas emissions. Some of the major

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Economy Energy Gas Oil

Sonatrach, Algeria’s State Energy Company, Secures $800 Million Contract for Oil and Gas Projects

16, June, 202316, June, 2023

Algeria’s state-owned oil company, Sonatrach, has signed a contract worth $800 million with Indonesia’s Pertamina and Spain’s Repsol to undertake joint exploration and production of hydrocarbons. The contract stems from a memorandum of understanding signed by the three companies on September 28, 2022. The contract entails an ambitious work program, which includes several key projects. Among them are the construction of an LPG (liquefied petroleum gas) extraction unit, the drilling of twelve oil wells, and

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Energy Renewable Energy

Angola Ramps Up Electrification for Six Million Consumers

12, June, 202312, June, 2023

The government of Angola, represented by the Ministry of Energy and Water, has committed to providing electricity to approximately six million people in the southern and eastern regions of the country within the next five years. This initiative is part of a broader government strategy aimed at granting energy access to half of the country’s total population by 2025. The plan involves utilizing the 520 MW Capanda Dam, located in Malanje province, to supply power

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Economy Mining News

Angola presents advances and challenges in the extractive industry at EITI

12, June, 202312, June, 2023

JA Online An Angolan delegation will participate from 13th to 14th in Dakar, the capital of Senegal, at the Global Conference of the Extractive Industries Transparency Initiative (EITI). The Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, will give a presentation on the progress made in transparency and efforts for the development of the extractive sector, with a focus on prospecting and future exploration of minerals considered critical for the energy transition. According to

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Economy Gas Oil

Traders Defy Saudi Arabia’s Production Cut Announcement, Challenging Oil Prices

12, June, 202312, June, 2023

Oil traders (financial market investors seeking to profit from short-term operations, taking advantage of market volatility) are beginning to ignore the most important person in the market and it can be a risky move. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, promised to unilaterally cut the country’s oil production in July to the lowest level in over a decade, excluding Covid-19 era restrictions. The Saudi described the move as a “lollipop.” While there have

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Economy Gas Oil

UBS Predicts Brent Crude Soaring to $95 per Barrel as Saudi Arabia Intensifies Output Reductions

12, June, 202312, June, 2023

According to a report from UBS, the global wealth manager, Brent crude oil is expected to reach $95 a barrel by the end of 2023. UBS’s Chief Investment Officer for Global Wealth Management, Mark Haefele, stated that they consider oil to be their preferred investment and have revised their forecast upward from the current price of $77.90 per barrel. Haefele also recommended selling volatility in Brent crude oil and highlighted the appeal of longer-dated oil

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Economy Energy Oil

IMF expects Saudi non-oil economy growth to remain solid in 2023

12, June, 202312, June, 2023

The International Monetary Fund (IMF) expects the non-oil sector of Saudi Arabia’s economy to maintain strong growth momentum in 2023, according to a report by the financial agency. The IMF projects that the overall real growth in Saudi Arabia will be lowered to 2.1% in 2023 due to the production cuts implemented by OPEC+. However, the non-oil sector is expected to continue growing at an average rate of 5% and remain above its potential. The

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Economy News Petroleum

DRC: Fuel Prices Increase by 140 CDF per Liter in the West Zone

9, June, 20239, June, 2023

In Sankuru, specifically the Lodja market, the price of a liter of gasoline has risen from 3,200 to 5,000 CDF, marking the first increase in fuel prices by 140 CDF in the West zone since the beginning of 2023. The latest fuel price adjustments are as follows: the price of a liter of fuel oil has been raised to 2,985.00 CDF from 2,845.00 CDF, while gasoline now costs 2,995.00 CDF compared to the previous price

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Economy Energy Gas Oil

Top 5 Ongoing Refinery Projects in the Gulf Region

9, June, 20239, June, 2023

The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,

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