ST. PETERSBURG, June 5 (RIA Novosti) - Russia's largest diamond miner Alrosa could withdraw from an Angolan joint venture, LUO-Kamachia-Kamajiku, due to financial difficulties, the company's CEO said on Friday.
Sergei Vybornov said the joint venture's work efficiency is "at zero."
Alrosa is currently involved in two joint projects in Angola - Catoca Ltd and LUO-Kamachia-Kamajiku. It owns 32.8 % and 45%, respectively, in the companies.
According to a feasibility study, the second leg of the LUO-Kamachia-Kamajik diamond mining project could be developed to process 3 million metric tons of ore per year. The joint venture would eventually have annual output of 4 million metric tons.
Vybornov said the company planned to close deals on selling its non-core hydrocarbon assets in mid-June and July, respectively.
He also said the company expected to keep the volume of diamond sales at the 2008 level despite a slight price decline on the world market.
"Since March we have seen an upward trend. We have moved to long-term contracts and are selling at a high but fixed price," Vybornov said adding, that the company has no plans to seek foreign loans this year.
Under a plan adopted in April, Alrosa expects its diamond output this year to total $1.87 billion
Russia to increase investment in large projects in Angola
20:5526/06/2009
LUANDA, June 26 (RIA Novosti) - Russia plans to increase investment in mining, construction and space communications projects in Angola, a joint statement by the two countries' presidents said following talks.
Russian President Dmitry Medvedev invited his Angolan counterpart Jose Eduardo dos Santos to visit Russia during a meeting. The date of the visit will be coordinated later through diplomatic channels.
The sides pledged to strengthen cooperation, coordinate activity on the international arena, and develop trade, scientific, technological and cultural ties.
"The mining industry, power industry, transportation, telecommunications, military and technical cooperation, education and healthcare were chosen as priority areas to focus relations," the joint statement said.
Angola is the final stop on Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% of Angolans living on less than $1 a day.
Russia and Angola spoke out in favor of a common approach to ensuring peace and security, establishing democracy worldwide based on multipolarity, and stressed the superiority of international law, stating their readiness to work with other countries to achieve the goal.
Medvedev and dos Santos also called for improving the United Nations and a new international financial system with the participation of all countries, including dynamically developing African states.
The two countries signed a package of documents, including agreements on air communication and on capital investment protection, and left their signatures under a midterm program of economic, scientific-technological and trade cooperation between the governments for 2009-2013.
They concluded a contract to create the Angosat communications and broadcasting satellite.
Promising areas for economic partnership between the two countries are the exploration of diamond and hydrocarbon deposits, and cooperation in electricity production, Kremlin aide Sergei Prikhodko said earlier.
Moscow and Luanda established diplomatic relations when Angola declared its independence in November 1975. The Angolan president visited Russia in June 1998 and October-November 2006.
Oil market should not depend on single economy - Medvedev
21:5326/06/2009
LUANDA, June 26 (RIA Novosti) - Russian President Dmitry Medvedev said after talks with his Angolan counterpart Jose Eduardo dos Santos Friday that the way oil prices are set is far from ideal, urging changes.
"The oil market should not depend on the situation in one economy," Dmitry Medvedev told journalists. "We discussed the formation of prices on the oil market and came to the conclusion that this arrangement is far from the best."
Angola, who is currently the OPEC chair, is the final stop on Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
World oil prices, which fell to $40 per barrel during the global crisis, are near the $70 mark in June, which is half the record $140 in July 2008.
"This evidently affects the oil market, consumer interests and producer interests, and in the long run affects the global economic development," Medvedev said, adding that Russia and the Organization of the Petroleum Exporting Countries plan to coordinate oil price formation.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% of Angolans living on less than $1 a day.
Medvedev heads to Angola for energy, space talks
18:1425/06/2009
MOSCOW, June 25 (RIA Novosti) - The Russian president will arrive in Angola on Friday to discuss bilateral cooperation in energy resource exploration, economic ties, and building a communications satellite, the Kremlin said.
Angola is the final stop on Dmitry Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% Angolans living on less than $1 a day.
During the visit, at the invitation of Angolan President Jose Eduardo Dos Santos, Medvedev will discuss bilateral trade, as well as scientific and cultural contacts, including in education, Kremlin aide Sergei Prikhodko said.
Several deals such as contracts on creating the Angosat satellite, and documents including a memorandum on technological cooperation in the sphere of natural resources, are expected to be signed.
Promising areas of economic partnership between the two countries are exploration of diamond and hydrocarbon deposits, and cooperation in electricity production, Prikhodko said.
The sides will also exchange views on dealing with the consequences of the global financial crisis and setting up an effective international system of managing economic processes.
"Special attention will be paid to discussing topical international problems, with a focus on further strengthening cooperation in foreign policy between Russia and Angola," he said.
Moscow and Luanda established diplomatic relations when Angola declared its independence in November 1975. The Angolan president visited Russia in June 1998 and October-November 2006.
Sergei Vybornov said the joint venture's work efficiency is "at zero."
Alrosa is currently involved in two joint projects in Angola - Catoca Ltd and LUO-Kamachia-Kamajiku. It owns 32.8 % and 45%, respectively, in the companies.
According to a feasibility study, the second leg of the LUO-Kamachia-Kamajik diamond mining project could be developed to process 3 million metric tons of ore per year. The joint venture would eventually have annual output of 4 million metric tons.
Vybornov said the company planned to close deals on selling its non-core hydrocarbon assets in mid-June and July, respectively.
He also said the company expected to keep the volume of diamond sales at the 2008 level despite a slight price decline on the world market.
"Since March we have seen an upward trend. We have moved to long-term contracts and are selling at a high but fixed price," Vybornov said adding, that the company has no plans to seek foreign loans this year.
Under a plan adopted in April, Alrosa expects its diamond output this year to total $1.87 billion
Russia to increase investment in large projects in Angola
20:5526/06/2009
LUANDA, June 26 (RIA Novosti) - Russia plans to increase investment in mining, construction and space communications projects in Angola, a joint statement by the two countries' presidents said following talks.
Russian President Dmitry Medvedev invited his Angolan counterpart Jose Eduardo dos Santos to visit Russia during a meeting. The date of the visit will be coordinated later through diplomatic channels.
The sides pledged to strengthen cooperation, coordinate activity on the international arena, and develop trade, scientific, technological and cultural ties.
"The mining industry, power industry, transportation, telecommunications, military and technical cooperation, education and healthcare were chosen as priority areas to focus relations," the joint statement said.
Angola is the final stop on Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% of Angolans living on less than $1 a day.
Russia and Angola spoke out in favor of a common approach to ensuring peace and security, establishing democracy worldwide based on multipolarity, and stressed the superiority of international law, stating their readiness to work with other countries to achieve the goal.
Medvedev and dos Santos also called for improving the United Nations and a new international financial system with the participation of all countries, including dynamically developing African states.
The two countries signed a package of documents, including agreements on air communication and on capital investment protection, and left their signatures under a midterm program of economic, scientific-technological and trade cooperation between the governments for 2009-2013.
They concluded a contract to create the Angosat communications and broadcasting satellite.
Promising areas for economic partnership between the two countries are the exploration of diamond and hydrocarbon deposits, and cooperation in electricity production, Kremlin aide Sergei Prikhodko said earlier.
Moscow and Luanda established diplomatic relations when Angola declared its independence in November 1975. The Angolan president visited Russia in June 1998 and October-November 2006.
Oil market should not depend on single economy - Medvedev
21:5326/06/2009
LUANDA, June 26 (RIA Novosti) - Russian President Dmitry Medvedev said after talks with his Angolan counterpart Jose Eduardo dos Santos Friday that the way oil prices are set is far from ideal, urging changes.
"The oil market should not depend on the situation in one economy," Dmitry Medvedev told journalists. "We discussed the formation of prices on the oil market and came to the conclusion that this arrangement is far from the best."
Angola, who is currently the OPEC chair, is the final stop on Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
World oil prices, which fell to $40 per barrel during the global crisis, are near the $70 mark in June, which is half the record $140 in July 2008.
"This evidently affects the oil market, consumer interests and producer interests, and in the long run affects the global economic development," Medvedev said, adding that Russia and the Organization of the Petroleum Exporting Countries plan to coordinate oil price formation.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% of Angolans living on less than $1 a day.
Medvedev heads to Angola for energy, space talks
18:1425/06/2009
MOSCOW, June 25 (RIA Novosti) - The Russian president will arrive in Angola on Friday to discuss bilateral cooperation in energy resource exploration, economic ties, and building a communications satellite, the Kremlin said.
Angola is the final stop on Dmitry Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% Angolans living on less than $1 a day.
During the visit, at the invitation of Angolan President Jose Eduardo Dos Santos, Medvedev will discuss bilateral trade, as well as scientific and cultural contacts, including in education, Kremlin aide Sergei Prikhodko said.
Several deals such as contracts on creating the Angosat satellite, and documents including a memorandum on technological cooperation in the sphere of natural resources, are expected to be signed.
Promising areas of economic partnership between the two countries are exploration of diamond and hydrocarbon deposits, and cooperation in electricity production, Prikhodko said.
The sides will also exchange views on dealing with the consequences of the global financial crisis and setting up an effective international system of managing economic processes.
"Special attention will be paid to discussing topical international problems, with a focus on further strengthening cooperation in foreign policy between Russia and Angola," he said.
Moscow and Luanda established diplomatic relations when Angola declared its independence in November 1975. The Angolan president visited Russia in June 1998 and October-November 2006.
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