Africa > West Africa > Petroleum / Mining

Petroleum / Mining in West Africa

  • Gas station explosion shakes Ghana’s capital

    GHANA, 2017/10/09 A natural gas station in Ghana’s capital, Accra, has exploded, killing an unknown number of people, a government official said. “Unfortunately there are some fatalities and we are working to have the numbers,” the deputy data minister, Kojo Oppong Nkrumah, told a local radio station. “There are completely a number as well injured.” He said the initial blaze was largely under control and that about 200 police officers had been sent to the scene.
  • Rusal’s Restart of Operations at Guinea’s Dian-Dian Bauxite Mine Imminent

    GUINEA, 2017/09/29 Russian Federation aluminium behemoth UC Rusal told domestic media yesterday that plans are in the works to commission the 3-million-metric-ton-per-annum Dian-Dian bauxite mine in the African country of Guinea by next spring. Yakov Itskov, Rusal’s alumina business director, told Russian News Agency TASS that work at the bauxite mine was well underway at present. “We look forward to deliveries of initial bauxites to our alumina refinery in Ireland by next spring. We can proudly say today that we started bauxite mining [in Dian-Dian deposit – TASS]; initial 100,000 tonnes of bauxites [were mined]. We are constructing and producing in parallel.”
  • China to Loan Guinea US$20 Billion for Access to Bauxite Reserves

    CHINA, 2017/09/13 The Republic of Guinea will be the recipient of a US$20 billion loan from the People’s Republic of China in exchange for concessions on its significant bauxite ore reserves. According to reporting yesterday by Reuters, the loan will be disbursed over twenty years. The loan will be guaranteed by in-country projects 125 miles northeast of Conakry at Boffa inclunding China Power Investment Corp’s (CPI) planned alumina refinery, a bauxite mine operated by the Aluminium Corporation of China Limited (Chalco), and a bauxite-mining project operated by China Henan International Cooperation Group.
  • China to loan Guinea $20 billion to secure aluminum ore

    CHINA, 2017/09/13 China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminum which the West African country has in abundance, the mines minister said. The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corp of China’s (601600.SS) (Chalco) bauxite mine and an extra bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
  • The Security and Exchange Commission approves the 40th Annual General Meeting of Oando PLC

    NIGERIA, 2017/09/09 The Security and Exchange Commission approves the 40th Annual General Conference of Oando PLC Oando PLC has, as of August 31, 2017, received the approval of the Security and Exchange Commission (SEC) to proceed with its 40th Annual General Conference scheduled for Monday, September 11, 2017. The company made this known via a tweet that includes a statement from the SEC, “following the submission of an interim statement by the Appropriate Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40th Annual General Conference(AGM). As a result, Oando PLC can proceed with its 40th AGM as scheduled.”
  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.
  • Osinbajo tasks African petroleum-producing countries on reforms

    NIGERIA, 2017/07/29 The Acting President, Prof Yemi Osinbajo, has advised Ministers of African Petroleum Producers’ Orgnisation (APPO) to evolve workable reforms to solve the energy challenges and improve energy access on the continent. Osinbajo made the call while declaring open the extraordinary session of the Council of Ministers of APPO in Abuja on Monday. APPO was founded in 1986 with its headquarters in Brazzaville, Congo.
  • Geopolitics To Drive Oil Prices Once Again

    WORLD, 2017/07/09 I have picked up three news items from Oil & Energy Insider that supports my hypothesis that US Shale output will continue to rise. However, some of the oil producing nations may become victim of commotion, anarchy and proxy wars. This will automatically reduce the supplies from these nations. OPEC may as well opt not to extend cut anymore. Energy sector analysts are desperately awaits the outcome of OPEC’ conference in Vienna scheduled for 25th May. While the overwhelming expectation is that the cartel will acknowledge on a six-month extension of the production cuts. However, presently top OPEC officials are wondering if it will be enough. OPEC’s monthly statement revised expected US shale increase sharply upwards, predicting output to increase 64 % additional than originally expected. That equates to projected increase from US shale of 950,000 bpd this year. OPEC fears that an extension will boost prices just enough to allow shale companies to lock in hedges once again, ensuring an extra wave of supply.
  • Africa rejects Europe's 'dirty diesel'

    BOTSWANA, 2017/05/04 Ghana and Nigeria are the first countries to respond to reports of European companies exploiting weak fuel standards in Africa. Stricter limits on the sulfur content of diesel will come into force on July 1. Governments in West Africa are taking action to stop the import of fuel with dangerously high levels of sulfur and other toxins. Much of the so-called "dirty diesel" originates in Europe, according to a report published by Public Eye, a Swiss NGO, last year. The report exposed what Public Eye calls the "illegitimate business" of European oil companies and commodities traders selling low quality fuel to Africa. While European standards prohibit the use of diesel with a sulfur content higher than 10 parts per million (ppm), diesel with as much as 3,000 ppm is regularly exported to Africa.
  • Rio Tinto agrees $1.3bn sale of Simandou stake to Chinalco

    CHINA, 2016/10/31 Rio Tinto announced on Friday it had agreed to sell its stake in the giant Simandou iron ore project in Guinea for up to $1.3bn to Chinalco, in a deal that could see the Chinese group take on development of the world’s largest untapped resource of the steelmaking ingredient. The Anglo-Australian mining company’s planned sale of its 46.6 per cent stake in the Guinea project marks an admission of defeat two decades after it persuaded the then dictator Lansana Conté to grant rights to prospect a mountainous zone.