Angola News
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Updated 28 minutes ago
West Texas Intermediate crude swung between gains and losses near the highest price in a week. Syrian government forces started an offensive against rebels, renewing concern that unrest could destabilize the Middle East.
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Saudi Arabia, Kuwait, and Venezuela reduced crude oil exports in March from the previous month while West African members of the Organization of Petroleum Exporting Countries increased shipments, according to official data.
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Trafigura Beheer BV sold North Sea Forties crude at a higher price. BP Plc failed to buy Russian Urals crude at a smaller discount to Dated Brent.
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West Texas Intermediate crude headed for the first weekly decline in a month after U.S. consumption of gasoline and distillate fuels dropped.
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Workers in Angola are completing construction of the strongest crane in Africa that will be used at offshore projects for Chevron Corp., Total SA, and SBM Offshore NV.
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The Organization of Petroleum Exporting Countries will increase crude exports this month to meet rising demand from Asian refiners, tanker tracker Oil Movements said.
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Eltel Networks Te AB, a Swedish power-transmission provider, said it will electrify an $8 billion refinery project in Angola as the southwest African country seeks to cut fuel imports following a 27-year civil war.
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Angola, Africa’s largest crude oil producer behind Nigeria, plans to sell about 33 state-owned companies over the next five years to increase efficiency and cut costs, Economy Minister Abrahao Gourgel said.
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Angola, Africa’s largest crude oil producer after Nigeria, plans to use loan guarantees and investment to create thousands of companies and jobs, Minister of the Economy Abrahao Gourgel said.
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United Bank for Africa Plc, Nigeria’s fifth-largest lender by market value, plans to increase loans by as much as 40 percent this year to fund oil, power and manufacturing projects.
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