Omani fund replaces Russia's Alrosa in Angolan diamond miner Catoca
A subsidiary of Oman's sovereign wealth fund has replaced sanctions-hit Russian firm Alrosa as a shareholder in Angola's state-controlled diamond miner Catoca, according to the shareholder structure on Catoca's website.
Angola had been under pressure to cease its long-standing partnership with the Russian state-controlled Alrosa, the world's largest producer of rough diamonds by volume, since 2022 when the West imposed sanctions on Alrosa for Moscow's role in the conflict in Ukraine.
Catoca's shareholder structure showed that Endiama EP, Angola's national diamond company, owns 59% of Catoca, with Taadeen holding the remaining 41%, which used to be held by Alrosa.
The Oman Investment Authority did not immediately respond to a request for comment. Alrosa confirmed that it had exited the shareholding, but provided no further details.
Angola's Ministry of Mineral Resources, Oil and Gas, said the deal had been formalised on May 26.
In November, Angola said having sanctions-hit Alrosa as a shareholder in the Angolan diamond miner was affecting "Angola's credibility in the international diamond market".
(Reporting by Anastasia Lyrchikova and Alexander Marrow; editing by Barbara Lewis)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
4 hours ago
- The National
Shipping unhindered in Strait of Hormuz despite Israel-Iran war risks
Ships are continuing to travel through the Strait of Hormuz, but leading companies say they are closely monitoring the Israel-Iran conflict, and safety is a priority. 'So far, our operations across the region continue without interruption,' a spokesperson for German shipping company Hapag-Lloyd told The National in a statement. The company added that it is closely monitoring the 'geopolitical developments' in the Middle East and the 'safety of our seafarers and vessels as well as the cargo of our customers' are its priority. Ships carry about 20 million barrels of crude and refined products daily through the key waterway between Iran and Oman to various destinations from Gulf producers and from Iran and Iraq. This week, two ships collided in the Sea of Oman near the Strait of Hormuz after a 'navigational misjudgment' by one of the vessels. The UAE Energy Ministry did not blame the accident on the current conflict but it highlighted the risk of navigating through the water channel as it continues. Closing down the waterway is one option Iran could take to respond to its enemies, said Behnam Saeedi, a member of the Iranian parliament's national security committee. Shipping major Maersk said it will continue to use the Strait of Hormuz but will pause calling at the Israeli port of Haifa following Iran's bombardment of the coastal city this week. 'We will continue to closely monitor the situation and will be ready to reassess this as soon as feasible," Maersk said. The conflict began on June 13 when Israel launched a wave of strikes across Iran, killing senior military officials and hitting key nuclear sites. Iran launched retaliatory missile strikes on Israel, hitting a number of targets. The conflict is continuing with both countries hitting each others targets. Some LNG vessels en route to Qatar to load are holding back near Oman, maritime Research Consultancy Drewry Shipping said. Dry bulk imports of grain and agri-products, including soya beans and sugar, to Iran are also stalled at the moment, Rahul Sharan, deputy director of bulk research at Drewry told The National. 'Similarly, Iran's exports of iron ore, cement and clinkers, steel products and urea are also stalled,' he said. About 20 per cent of the world's oil consumption passes through the Strait of Hormuz, which is the only entry point to the Arabian Gulf. Impact on oil and trade Energy companies have also expressed concern about the war's impact on trade and oil shipments. A blockage of the Strait of Hormuz could deliver a substantial shock to global trade, Shell chief executive Wael Sawan said at the Japan Energy Summit and Exhibition in Tokyo on Thursday. 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' Bloomberg reported quoting Mr Sawan as saying. 'We have plans in the eventuality that things deteriorate.' Oil prices are trading higher on supply related concerns. Prices surged as much as 13 per cent on the first day of the conflict and analysts are expecting oil to touch $150 per barrel if the Strait of Hormuz is shut. 'What is particularly challenging right now is some of the jamming that's happening,' said Mr Sawan, referring to the interference with navigation signals in and around the Arabian Gulf. Shell is 'being very careful' with shipping in the Middle East due to the conflict, he said. Rising shipping costs Another impact of the war has been on shipping costs, which have gone up for vessels travelling through the region, including through rising insurance premiums, according to analysts and insurers. 'The price to charter a very large crude carrier from the Gulf to China reportedly more than doubled from about $20,000 a day a week ago to about $47,600 on Wednesday,' Philip Damas, managing director and head of Drewry Supply Chain, said. Insurance rates have also gone up for cargo vessels sailing in the Red Sea, Arabian Gulf and travelling to or from Israeli ports, according to Marcus Baker, global head of marine and cargo at Marsh McLennan. 'All quotes are now valid for 24 hours from most leaders, as opposed to 48 hours previously,' Mr Baker said. There is also a slight rise in war risk insurance rates for the Red Sea and Arabian Gulf and ports in Israel, he added. 'We are now seeing a modest drop in the number of ships sailing through the area,' Jakob Larsen, chief safety and security officer at Bimco shipping association, told The National. He added that US authorities reported no indications of a threat from Iran towards commercial ships other than those with links to Israel. However, Iran might expand their threats "to also take aim at ships without links to Israel,' if the tension mounts, he added. 'Iranian forces are highly skilled in asymmetric warfare and have prepared for decades for a scenario involving attacks against shipping through the Strait of Hormuz and adjacent waters,' he said. Last year, Iran's Revolutionary Guard seized a container ship with links to Israel in the strait.
Zawya
11 hours ago
- Zawya
Angola Strengthens United States (US) Energy, Mineral Ties with Sonangol-Massachusetts Institute of Technology (MIT) Cooperation Agreements
Angola's national oil company Sonangol has signed two agreements with the Massachusetts Institute of Technology (MIT) – a private university based in Boston, United States (US) – aimed at strengthening cooperation and knowledge-transfer in the fields of oil, gas and critical minerals. The agreements – dubbed the MIT Industrial Liaison Program (MIT-ILP) and MIT Africa – seek to strengthen US-Africa ties by facilitating greater collaboration and skills development opportunities. The African Energy Chamber (AEC) – the voice of the African energy sector – commends Angola and Sonangol for forging this strategic alliance with one of the world's leading innovation institutions. The AEC believes partnerships of this nature are vital to accelerating Africa's energy transition while equipping the next generation of African professionals with the skills and knowledge required to drive industrial growth, energy security and sustainable resource development. The agreements were signed by Sonangol CEO Sebastião Gaspar Martins and MIT Executive Vice President Glan Shor during a meeting presided over by Angola's Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo. A core focus of the meeting and the subsequent agreements was to explore opportunities to support Angolan resource development by leveraging global research, innovation and technology. With goals to increase oil production, diversify the industry through innovative gas projects and advance the development of alternative energy sources such as green hydrogen, Angola has committed to working with global partners to transform ideas into solutions. The agreements serve as catalyst for these objectives by laying the foundation for bilateral research and development. Under MIT-ILP, Sonangol and MIT will work together to develop strategic industries such as energy, mining, engineering, construction and infrastructure. According to Minister Azevedo, this program will enable Sonangol to directly interact with MIT research centers in key areas, thereby accelerating innovation in the oil sector while facilitating a just energy transition. Minister Azevedo shared that visiting MIT showed the Angolan delegation how applied research is closely linked with humanity's real challenges – notably, clean energy, artificial intelligence, resilient infrastructure and digital transformation. MIT-ILP will support the development of Angolan expertise and innovation. Meanwhile, MIT Africa features two programs - Global Classroom and Global Teaching Labs - aimed at facilitating knowledge-exchange, staff training, joint research and academic mentoring. Both the Global Classroom program and Global Teaching Labs program allow Angolan educational institutions to tap into US expertise, with the aim of supporting skills development in Angola. Among the Angolan institutions that will directly benefit from this cooperation are the Instituto Superior Politécnico de Tecnologias e Ciências and the Sonangol Research and Development Center. These institutions will be at the forefront of implementing these innovative programs. 'Through these mechanisms, Angola will be able to benefit from innovative teaching methodologies and collaborative experiences that value national talent and promote the internationalization of our higher education,' Minister Azevedo shared. 'These agreements are more than protocols: they are commitments with concrete impact in the short, medium and long term, in the fields of advanced training, scientific research, technological development, energy transition, decarbonization and industrial innovation. I believe that Angola's future is built on knowledge, serious partnerships and strategic vision.' The agreements come as Angola and the US take concrete steps to deepen strategic partnerships within the oil, gas, critical mineral and renewable energy sectors. Meetings held by Minister Azevedo and the US Secretary of Energy Chris Wright this week highlighted areas of cooperation, with the parties committing to working together to achieve a balanced energy transition. Future cooperation will be largely built on the success American companies have had in Angola as well as cooperation in new industries such as critical minerals, renewable energy and infrastructure. In the oil and gas space, companies such as ExxonMobil and Chevron continue to make significant strides towards unlocking greater exploration and production opportunities. ExxonMobil has recently extended its license for Angola's Block 17 – one of the country's longest-producing assets – in partnership with TotalEnergies. The company is also seeking play-opening discoveries in the offshore Namibe basin while drilling new wells under the country's Incremental Production Initiative. Chevron is making in-roads in the natural gas sector with its stakes in the Angola LNG plant and upstream gas projects. In late-2024, the company started production at the Sanha Lean Gas Connection project, which increases feedstock for Angola LNG – supporting exports. Chevron also has stakes in the New Gas Consortium, the operator of Angola's first non-associated project, coming online in late-2025. Leveraging the expertise of these players and strengthened cooperation in research and development, Angola is well-positioned to realize its industry goals. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
12 hours ago
- Zawya
Muscat Stock Exchange hails Oman as attractive destination for foreign investors
Muscat Stock Exchange hails Oman as attractive destination for foreign investors thanks to stable political climate, skilled workforce and well-developed logistics infrastructure. Over 300 global institutional investors met with more than 100 Middle East corporates and all seven bourses from the Gulf Cooperation Council (GCC) at HSBC's GCC Exchange Conference in London this week. The event comes as tariff uncertainty reshapes capital flows, with global investors increasingly turning to the Gulf for stable yield, reform-driven growth and maturing capital markets. Now in its fourth year, conversations at the conference focused on the increasing appeal of the GCC as the region continues to register record IPO pipelines, deepen sovereign and corporate bond markets and expand private credit platforms – all underpinned by strong fiscal buffers and multi-year economic transformation agendas. The continued liberalisation of GCC financial markets and the introduction of privatisation programmes by GCC governments are converging at a time when investors are seeking diversification from global volatility. GCC capital markets remained resilient in the first quarter of the year with IPO proceeds 33% higher compared to the first quarter of 2024, despite a slowdown in issuances globally. Haitham Salim Al Salmi, CEO, Muscat Stock Exchange, said: 'We are working with the Oman Investment Authority and the government to pave the way for sizable and profitable private companies as part of their divestment plan. We aim to enhance MSX's contribution to the national economy through our main initiatives such as launching an SME listing platform, facilitating accessibility to the market and establishing international linkages in parallel with our subsidiary Muscat Clearing & Depository.' Elie El Asmar, Chief Executive, HSBC Oman commented: 'Oman has an increasingly powerful story to tell global investors which is evidenced by a surge in foreign direct investment over the past five years, liberalisation of foreign ownership rules and huge strides taken in the journey from emerging to developed market status. Strategic reforms, robust infrastructure and a strong commitment to economic diversification continue to unlock new opportunities for international partnerships and sustainable growth.' This year, for the first time, HSBC brought together Emerging Market (EM) Macro Strategists with GCC attendees, as EM investors dial-up their exposure to the Gulf's capital markets driven by strong GDP projections relative to the broader EM pool. © Muscat Media Group Provided by SyndiGate Media Inc. (
