Emma's Feed
Jun 5, 2014

Nigeria adds to its list of long-term oil buyers

LONDON/DAKAR (Reuters) – Nigeria has added Chinese and Indian state oil companies to an expanded list of those awarded contracts to buy its crude, re-issued after what trade sources said was intense lobbying by disappointed buyers.

It expanded its list of long-term oil contracts to about $52 billion worth of crude, up from $40 billion in April, also awarding contracts to more local companies, according to list a seen by Reuters and corroborated by industry sources.

Jun 3, 2014

Islamic Development Bank loans $180 mln for Africa projects

DAKAR, June 3 (Reuters) – The Islamic Development Bank has
launched a programme to release $180 million in financing to six
African countries for renewable energy projects as part of a
broad strategy to deepen its involvement in the region.

Islamic finance is growing in Africa as governments seek to
develop large-scale infrastructure projects. Last year Nigeria’s
Osun State began offering the country’s first Islamic bond.

May 27, 2014

Gabon Oil Company to boost oil sales, eyes acquisitions

LIBREVILLE, May 27 (Reuters) – State-owned Gabon Oil Company
plans to purchase new oil assets and market a bigger portion of
Gabon’s crude oil, its chief executive told Reuters, aiming to
grow to compete alongside international oil firms.

GOC was created in mid-2011 by presidential decree, more
than two decades after Gabon started producing oil. The country
is now sub-Saharan Africa’s fifth-biggest oil producer, pumping
around 250,000 barrels per day, down from a peak of 370,000 bpd
in the late 1990s.

May 24, 2014

Oil-dependent Gabon seeks to diversify economy -president

LIBREVILLE, May 24 (Reuters) – Gabon wants to lure investors
into its mining, manufacturing and tourism sectors as it tries
to reduce its dependence on oil exports and court capital from
countries other than former colonial master France.

The Central African country relies heavily on oil exports
but President Ali Bongo says the economy cannot remain reliant
on petroleum if it wants to achieve its goal of becoming an
emerging economic power by 2025.

Apr 28, 2014

Nigeria orders 1.85 mln tonnes of gasoline imports

DAKAR/LONDON, April 28 (Reuters) – Nigeria has granted
licences to 40 companies to import around 1.85 million tonnes of
gasoline by the end of June, Nigerian National Petroleum
Corporation (NNPC) and oil industry sources said, as the country
takes measures to avoid fuel shortages.

Nigeria is Africa’s top oil producer but relies on fuel
imports because its refineries work at a fraction of their
capacity due to poor maintenance and old age.

Apr 22, 2014

Exclusive: Nigeria favors local firms in $40 billion oil contract awards

DAKAR/LAGOS (Reuters) – Nigeria has awarded most of its long-term oil contracts worth an estimated $40 billion a year to local companies, according to a confidential list seen by Reuters, meaning global traders need to partner with them to access crude from Africa’s top producer.

Global commodity traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member’s prized crude oil, which is easy to refine and produces more high-value fuels.

Apr 11, 2014

Africa’s fast growth transforming commodity flows

DAKAR/JOHANNESBURG (Reuters) – For centuries, colonial era merchants tussled for access to Africa’s raw materials, and huge swathes of Africa’s geography became synonymous with the main commodity they exported: Gold Coast, Ivory Coast, the Spice Island of Zanzibar.

But the continent’s booming economic growth and swelling population give it an opportunity to shift away from the traditional raw material export model towards consuming and transforming its own commodities and selling them to its own expanding local markets.

Apr 10, 2014

Imports, not refineries, to meet Africa’s rising fuel needs: Vitol

DAKAR/LONDON, April 10 (Reuters) – Africa’s dependency on
fuel imports is likely to grow as its refining projects struggle
to get off the ground, a Vitol director told a Reuters Africa

Dozens of new refining projects have been announced in
Africa, but they are unlikely to be built unless they are either
gigantic or with guaranteed crude supply in a landlocked

Apr 9, 2014

South Africa more competitive than China in ferrochrome: IFL

DAKAR (Reuters) – South Africa should be able to snatch back the top spot in global ferrochrome production from China within five years thanks to cost-cutting, says one of Africa’s biggest producers, International Ferro Metals.

South Africa’s share of world production of the steel feedstock has slumped since 2012 when it fell by 15 percent to 32 percent of the 4.8 million metric tons (5.2911 million tons) produced globally, relegating it to second place behind China.

Mar 25, 2014

Tuareg leader to Mali government: start talks or risk new revolt

DAKAR (Reuters) – The leader of a new armed group in Mali’s troubled north said the central government in Bamako could face another uprising of his Tuareg people if it resists pressure to launch long-delayed talks on the region’s future.

Mali exploded into violence when Tuareg separatist fighters tried to take over the north in early 2012. Islamist militants eventually occupied the region, triggering a French military intervention last year that drove most of the militants out.