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Economy Gas Local Petroleum

National refineries will become competitive

2, June, 20235, June, 2023

The Executive aims to make the country’s refineries internationally competitive with real prices in a market economy and increase fuel production, stated Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, in a press conference yesterday. Speaking at the presentation of the Fuel Subsidies Reform Program, he said that the government’s strategy with the existing refineries in Angola – which currently only cover about 20% of the country’s petroleum derivatives needs – is to increase

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Economy Gas Local Petroleum

Gasoline price will be 300 kwanzas per liter starting today

2, June, 20235, June, 2023

This change is a result of the gradual removal of fuel subsidies announced by the Government in Luanda on Thursday 1stnJune. This measure does not apply to licensed taxi drivers, motorcycle taxi drivers, and licensed fishing vessels, who will continue to pay the previous price of 160 kwanzas per liter using a fuel card with a weekly or monthly balance. According to the Secretary of State for Land Transportation, Jorge Bengue, the fuel cards will

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Economy Gas Oil

Discover the reasons behind the restructuring of fuel subsidies in Angola

2, June, 20235, June, 2023

The decision of the Executive to partially reduce subsidies for gasoline is justified by the need to bridge the gap between the rich and the poor, such as the populations in rural, urban, or peri-urban areas that have reduced or no consumption of fuel. BACKGROUND CHARACTERIZATION OF FUEL SUBSIDIES

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Gas Local News Oil Petroleum

Angola’s Fuel Supply Areas Fully Stocked One Day Ahead of New Schedule

2, June, 20235, June, 2023

Supply zones filled one day prior the new price list The last hours of yesterday June 1st were marked by enormous queues of motorists looking to refuel their vehicles before the new gasoline pricing came into effect. A long line of motorists eager to refuel their vehicles for the last time at the price of 160 kwanzas was observed in Ilha de Luanda, considering that starting today, gasoline will cost 300 kwanzas per liter. The

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Economy Gold International

Gold prices drop in Dubai on more rate hikes expectations

1, June, 20231, June, 2023

Gold prices fell in UAE and globally on Thursday morning as investors expect more interest rate hikes by the US Federal Reserve. The Dubai Jewellery Group data showed 24K trading at Dh238.0 per gram at the opening of the markets on Thursday, down from Dh238.75 per gram at the close of the markets on Wednesday. The other variants of the precious also opened lower as 22K was trading at Dh220.25, 21K at Dh213.25 and 18K

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Gas International News Oil

India, China’s crude oil imports from Russia in May breach all-time highs, shows shiptracking data

1, June, 20231, June, 2023

India and China’s purchases of Russian crude oil in May are seen to have breached all-time highs. As buyers including these two big economies gorged on discounted supplies from Russia, it led to a fall in demand for oil from the Middle East and Africa, news agency Reuters reported citing ship tracking data. China, world’s No. 1 crude importer, India (world No. 3) are top buyers of Russian oil. In May In May, these two

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Energy International News

Uganda Awards $3.6 M Contract to Elsewedy Electric Indonesia

1, June, 20231, June, 2023

The Government of Uganda and economic and social development agency, the Japan International Cooperation Agency (JICA), have awarded a $3.6 million contract to multinational engineering, procurement, and development (EPC) company, Elsewedy Electric’s Indonesia subsidiary to strengthen the power transmission network in the Kampala metropolitan area, southern Uganda. Under the contract Elsewedy Electric Indonesia will supply the Kampala metropolitan area with a 20 MVA 132/133-11 kV Mobile Substation, the first such substation in Africa. The mobile unit

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Energy Gas Renewable Energy

Tanzania’s $42 Billion Liquefied Natural Gas (LNG) project is nearing approval

1, June, 20231, June, 2023

Tanzania’s $42 billion liquefied natural gas (LNG) project is nearing approval, as negotiations with investors have been successfully concluded, according to a senior government minister. The project aims to tap into Tanzania’s vast offshore gas resources. The finalized agreements are currently awaiting review and approval, which is expected to take place next month. Energy Minister January Makamba stated that the agreements will be presented to the government’s cabinet for approval before being officially signed. The

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International Mining News

China & DRC Emphasize Regular Evaluation of Mining Cooperation

1, June, 20235, June, 2023

The People’s Republic of China and the Democratic Republic of Congo agree to regularly assess their mining cooperation with a view to its consolidation in the mutual and long-term interest of the two countries, and to settle any disputes arising in this cooperation in mutual trust and with pragmatism and fairness, in particular through friendly consultations. This is one of the thirteen (13) key points included in the final declaration published on Friday, May 26,

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Energy Gas International Renewable Energy

UAE’s Dana Gas Plans $100 Million Investment to Drill New Wells in Egypt”

1, June, 20231, June, 2023

Dana Gas, a prominent UAE-based company, is preparing to commence drilling operations on 11 new wells in Egypt this year with an investment of approximately $100 million, according to a senior company official. Mohammed Mubaideen, the head of investor relations at Dana Gas, revealed that the investment is expected to contribute around 80 billion cubic feet of reserves and production. His statements were published in a report by Asharq Business. Currently, Dana Gas holds four

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