Landlocked Botswana is negotiating to buy fuel from a wide range of sources to safeguard its supply from war-related shocks and increase its options, according to its energy minister.

Kwa Nokeng Oil Holdings Ltd. expanded its initial public offering to 1.66 billion pula ($118 million) after applications for shares exceeded the original offer by about a fifth, as Botswana’s bourse emerges from an almost eight-year drought in new listings.

Botswana got selected as the host venue for the southern African portion of the initial public offering of the continent’s largest oil refinery, giving the relatively small market a key role in the region’s biggest listing to date.

Botswana said that demand for natural diamonds had risen markedly in the US, in an encouraging sign that the prolonged downturn for the gems might have reached a turning point.

Botswana won’t risk its financial wellbeing when it increases its investment in De Beers, the world’s biggest diamond company, Vice President Ndaba Gaolathe said.

Botswana’s loss-making power utility plans to charge independent producers to wheel electricity to clients using its grid and commercialize 850 kilometers (528 miles) of unused fiber to boost revenue almost threefold by 2031.

Nigerian billionaire Aliko Dangote said an initial public offering for his refinery, Africa’s largest, will open within two weeks.

Continental Reinsurance Holdings Ltd. will become Botswana Stock Exchange’s first initial public offering since 2017 as it seeks to raise capital to tap Africa’s underinsured.

Botswana’s government stopped eight citizens from being recruited into the Russian military at airports in the country, South Africa and Ethiopia.

Botswana’s transport and infrastructure minister, Noah Salakae, tendered his resignation to lawmakers, citing a probe into alleged corruption.

Botswana’s Ministry of International Relations said a rising number of citizens are being coerced into fighting for Russia in its war against Ukraine.

Anglo American Plc has selected a group led by De Beers’ former boss Gareth Penny as the preferred bidder for its sale of the world’s biggest diamond mining company, people with knowledge of the matter said.

Festus Mogae, an Oxford-educated economist who served as president of Botswana for a decade before stepping down, has died. He was 86.

This story was first published on Thursday, April 30.

Botswana’s President Duma Boko is traveling to Oman to sign cooperation deals including over natural resources as his government strives to boost its stake in leading diamond company De Beers.

Botswana is holding to its ambition of buying a controlling stake in De Beers from Anglo American Plc, potentially dampening interest from some private investors looking to acquire the diamond giant.

S&P Global Ratings cut Botswana’s credit score late Friday, maintaining its investment grade but citing risks to fiscal stability amid diamond industry woes. The ratings company maintained a negative outlook.

S&P Global Ratings cut Botswana’s credit score late Friday, maintaining its investment grade but citing risks to fiscal stability amid diamond industry woes. The ratings company maintained a negative outlook.

Botswana’s inflation will peak at just over 5% this year, down from a December forecast of 6.2%, due to “stabilizing exchange-rate dynamics”, Bank of Botswana Governor Lesego Moseki said.

Botswana plans to raise corporate and personal taxes to offset a slump in diamond revenue and rein in a widening budget deficit.