Emma's Feed
Jan 16, 2014

Sinopec’s Addax says concludes oil dispute with Gabon

DAKAR, Jan 16 (Reuters) – Sinopec’s Addax
Petroleum said on Thursday it had successfully concluded
negotiations with Gabon over a disputed oil licence and signed a
new contract for three oil fields.

Gabon transferred the Obangue oil field from Addax to the
state oil firm more than a year ago, citing breach of contract,
in a move that sparked a $1 billion legal battle in a
Paris-based tribunal.

Jan 14, 2014

West African lion threatened with extinction-study

DAKAR, Jan 14 (Reuters) – West Africa’s lions, which once
prowled across the region in their tens of thousands, are close
to extinction as farmland eats up their ancient habitats and
human hunters kill the animals they feed on, a study has shown.

Just around 400 of the animals were thought to have survived
across 17 countries, according to the paper published in
scientific journal PLOS ONE.

Dec 20, 2013

Africa’s oil refining ambitions fade

DAKAR, Dec 20 (Reuters) – Africa’s efforts to supply more of
its booming demand for fuel are being dashed by fierce
competition from foreign oil refiners and traders flooding the
$80 billion market with imports.

African governments want more oil refineries to cut fuel
import bills and get better value from the continent’s own
crude.

Dec 3, 2013

Gabon sees faster growth, higher mining output-document

LIBREVILLE/DAKAR, Dec 3 (Reuters) – Gabon expects economic
growth to accelerate to 7.8 percent and a budget back in surplus
in 2014 as higher gold and manganese output adds to oil revenue,
according to a bond issue prospectus.

But no decision will be made on developing its giant Belinga
iron ore project until 2015, suggesting the central African
country will remain deeply reliant on oil which now accounts for
more than 40 percent of GDP.

Nov 29, 2013

West Africa bets on Brazilian style oil jackpot

DAKAR/LUANDA, Nov 29 (Reuters) – Investors are stepping up
the hunt for hundreds of billions of dollars worth of oil
beneath a deep submerged salt crust offshore West Africa,
seeking to emulate Brazil’s major discoveries across the
Atlantic.

Geologists have long held that Africa’s western seabed
mirrors South America’s. The continents were fused into a single
plate nearly 200 million years ago.

Nov 26, 2013

Malian music by moonlight seems far from country’s woes

LOMPOUL, Senegal (Reuters) – Encircled by moon-lit sand dunes, desert blues band Tamikrest from Mali’s northern city of Kidal was the headline act at a Sahel music festival this weekend, held seemingly light years away from unrest in the group’s native country.

The six-man Tuareg band strummed out mellow, hypnotic electric-guitar driven ballads on the themes of suffering and kinship in the local Tuareg language Tamashek.

Nov 25, 2013

Trafigura’s Puma deal shows trading houses cool on IPOs

LONDON/DAKAR, Nov 24 (Reuters) – Global trading giant
Trafigura has raised $500 million via a stake sale in its Puma
unit, showing that private traders will favour partnerships with
selected investors over public share offerings as a way to raise
capital.

“The company believes private ownerships is the right type
of ownership for us. There is no active consideration of an IPO
for Puma,” a company source said.

Nov 11, 2013

Klesch awards German refinery supply deal to Barclays

DAKAR/LONDON (Reuters) – Swiss industrial group Klesch has agreed that Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will supply crude oil to its German refinery in a deal worth hundreds of millions of dollars a month that boosts the bank’s drive to increase its commodities business.

New regulations have forced many of the biggest banks in commodities to scale back their activities, especially proprietary trading.

Nov 4, 2013

Switzerland opens probe into gold refiner Argor for Congo dealings

GENEVA/DAKAR (Reuters) – Switzerland said it had opened an investigation into Argor-Heraeus, one of the world’s largest gold refiners, for suspected money laundering and complicity in war crimes.

The probe follows a criminal complaint filed by Swiss NGO TRIAL on November 1 which accused the refiner of processing close to three tons of gold sourced from an armed group in the Democratic Republic of Congo.

Oct 25, 2013

Last Swiss finishing school – not just for women anymore

GLION, Switzerland (Reuters) – The sign on the door with a stick figure of a man overlaid with a big “X” will have to go now that the last Swiss finishing school, bending to economic reality and social change, is accepting men.

The Institut Villa Pierrefeu, located on a hill above Lake Geneva, is the last in a line of institutions that struggled to shake their image as “schools for princesses” after Diana Spencer, who later became Lady Diana, attended one in the same canton.