The Buzz: This Week in Africa
Brent Crude is trading at $61.05, WTI at $53.18 and natural gas at $3.08 per million BTU (at 16:45 in South Africa). Here are AOPs top news stories from the last seven days.
West-Africa’s top crude refinery secures $656m funding
At the start of the week, news emerged that Société Ivoirienne de Raffinage finalized a $656 million debt restructuring financed led by Africa Finance Corporation as part of the country’s range of economic reforms to continue its growth, estimated at almost 8 percent in 2018.
“This transaction is yet another example of the importance of both private-public partnerships, as well as African institutions working together with international counterparts, to bring workable solutions that address Africa’s infrastructure gap,” said Africa Trade Insurance Agency (ATI) CEO, George Otieno.
ATI was approached by the pool of investors to provide risk assessment.
Senegal approves new petroleum code
Contributing to the nations ambitious hydrocarbon development strategy, the National Assembly approved the new petroleum code. The updated law will reinforce the preservation of national interests and local content while increasing attractiveness for international companies to operate in the country.
Senegal: Doris Engineering awarded advisor contract on GTA and SNE projects
In other developments, French Engineering company, DORIS Engineering was awarded a two year advisor contract by the Ministry of Petroleum and Energies of Senegal this week.
Through the contract, the company will focus on the Grand Tortue Ahmeyim and SNE projects.
Mauritania pushes Great Turtle forward
Further on the Grand Tortue Ahmeyin gas field development, the Mauritanian National Assembly on Wednesday confirmed the intestate agreement with Senegal.
This follows the final investment decision that was reached in December last year by all operating parties.
South Sudan’s Unity Oilfields Officially Resume Production
South Sudan officially resumed oil production on Monday at the Unity Oilfields.
Currently, the oil field produces 35,000 barrels per day (bpd). On the goals for the field, South Sudan’s Minister of Petroleum and Mining, Ezekiel Lol Gatkuoth said: “By the end of 2019, the production at Toma South and Unity oilfields of Block 1,2 and 4 will increase to 70,000 bpd.
South Sudan starts pumping, repairing oil wells damaged in the civil war
In efforts to increase oil production by the end of the year. South Sudan has started repairing and pumping oil from wells damaged during civil war.
The wells are being repaired with the help of Sudan, which received between around $9 and $11 per barrel of oil that South Sudan pumps through its pipeline to the port.
Angola earns top spot in investment risk ranking report
Angola earned second place in the 2019 Africa Investment Risk Report by EXX Africa.
According to the report, the Angolan economy will grow in 2019 due in part to the $3.7 billion International Monetary Fund.
AEC Supports One-Stop Shop Framework in Equatorial Guinea
Equatorial Guinea established a solution that will streamline the process for investors and entrepreneurs setting up businesses within the country, aligning it with competitive business climates of regional and global competitors; and received an endorsement from the Africa Energy Chamber.
The solutions provide information support and consolidate access to all permits and processes needed to set up an enterprise at a single counter, enabling both investors and corporations to set up a business in seven days.
Ghana’s utility commission reassures population on energy cost increase
Meralco Consortium acquired the Electricity Company of Ghana–now called Power Distribution Services Ghana Limited – effective February 1, 2019.
“The takeover will bring efficiency and we will all see the improvement in the new company,” said Millennium Development Authority CEO Martin Eson-Benjamin, adding that the company will also work to remove financial losses in the system
Plugging Nigeria’s Fuel Leak
The Nigerian National Petroleum Corporation partnered with the Africa Union of Transportation and Logistics Organization (AUTLO) to halt cross-border petroleum leakages.
Nigeria currently consumes approximately 50 million litres of petrol per day, of which a significant percentage is smuggled illegally into the neighbouring countries of Niger, Benin, Chad and Cameroon, representing a major threat to the nation’s fuel supply and distribution matrix.
AfDB approves $25m for renewable energy projects across sub-Saharan Africa
The African Development Bank has approved a $25 million equity investment for renewable energy projects across sub-Saharan Africa.
The ARCH Africa Renewable Power Fund will provide equity for the development and construction of ten to 15 greenfield renewable energy projects in sub-Saharan Africa, adding approximately 533MW of installed energy generation capacity from renewable sources in the region.