US$24 million renovation work urgently required; infrastructure minister claims government will ‘reap the benefits’ of new deal.
Lusofonia
Reserves believed to be the largest in the world capable of producing more than 3.4 million tonnes per year; violence in Cabo Delgado delays other projects.
Entire crop, some 250,000 tonnes, sold to Chinese company which has plans to revolutionise country’s cashew industry.
Stronger economy and government’s prudent policies allow western African republic to regain its financial footing; kwanza gains 21% against US dollar.
China looks for alternative sources of supply due to war in Ukraine and tensions with the US.
State oil company Petrobras maintains its leadership ahead of France’s Total, Norway’s Equinor and Anglo-Dutch conglomerate Shell.
Brazil expected to grow by 2.8%, while Portugal should experience 6.2% increase, however outlook gloomy for smaller PSCs.
This year’s crop, which represents 90% of country’s exports, expected to be a record-breaking 240,000 tonnes.
Both companies reported to be ‘technically insolvent’; improving control of public debt part of commitment made to IMF for US$470 million financial assistance programme.