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Angolan oil company Sonangol needs US$1.569 billion to guarantee payments until the end of the year

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Angolan state oil company Sonangol needs to undergo financial restructuring and US$1.569 billion to guarantee payments until the end of this year, said on Thursday in Luanda the chairman of the Board of Directors, Isabel dos Santos.

Dos Santos also said that revenues from Sonangol have been falling since 2013 “without operating costs falling in line with this drop, “she estimates gross revenues of More

Lassola, formerly Africa Textil, resumes production in Angola

The Lassola textile company, formerly Africa Textil, began operating on Wednesday to manufacture towels, sheets and blankets, after a stoppage period of 16 years, Angolan news agency Angop reported.

The factory located in the city of Benguela, which employs 220 workers, will produce 1.2 million towels, 1.6 million sheets and 120,000 cotton blankets a year.

The industrial director of Lassola, Yashima Moto, said that in More

Mozambique approves law requiring wood to be processed in the country

Mozambique’s Parliament on Thursday approved a law prohibiting the export of timber logs and establishing a value added tax, which varies depending on the level of processing carried out in the country, state news agency AIM reported.

One of the articles in the law specifies that the processed wood can be categorised as boards, planks, beams and floor tiles and the value added tax More

Government of Mozambique in final negotiations with oil and gas prospecting companies

The negotiation process with the companies that were awarded the 5th international tender for oil and gas research areas in Mozambique is expected to be completed within three to four months, announced in Maputo the Minister of Mineral Resources and Energy, Leticia Klemens.

The minister was speaking during the Mozambique Gas Summit, an event organised in partnership with Mozambican state oil and More

IMF negotiates new aid programme with the Mozambique government

The International Monetary Fund (IMF) mission led by Michel Lazare has been in Maputo since Thursday, where it will remain until 12 December for talks with the government of Mozambique to set up a new aid programme.

The talks the IMF mission will have with the Mozambican authorities should continue in the first quarter of 2017 following the conclusion of the report that the More

Macau casino revenues see double digit rise in November

Revenues from Macau’s casinos grew in November to an annual rate of two digits, by 14.4%, the first time this has happened since last August reversed a long series of 26 months of falls, according to the Macau Gaming Inspection and Coordination Bureau.

Gross revenues recorded in November reached 18.788 billion patacas (US$2.348 billion), which despite being higher than in the same More