Africa > Petroleum / Mining

Petroleum / Mining in Africa

  • Equatorial Guinea Expands Scope of Major Crude Oil and Petroleum Tank Farm Project

    EQUATORIAL GUINEA, 2015/10/31 The Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, announced today that it has signed a Memorandum of Considerate with three companies to build a crude oil and petroleum products storage tank farm on Bioko Island, Equatorial Guinea. In an expansion of the previous project plan, the Bioko Oil Terminal will incorporate a significant all of crude oil storage space, inclunding storage for associated petroleum products. It will serve the Gulf of Guinea region and facilitate processing and export to consumers regionally and globally. The MoU establishes the terms of cooperation part the Ministry and the three companies. The Ministry of Mines, Industry and Energy of Equatorial Guinea, Taleveras Group, Gunvor Group and the Strategic Fuel Fund will jointly participate in the Bioko Oil Terminal development. The tank farm will be operated by the Strategic Fuel Fund, which operates Saldanha Bay in South Africa, one of the world’s major petroleum storage facilities.
  • The price of oil fell again in the world markets.

    WORLD, 2015/10/14 The price of oil fell again in the world markets. On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil decreased $2.60 to stand at $47.39. Price of British Brent crude oil at the London ICE (InterContinental Exchange Futures) fell $2.86 to trade at $50.17. The Marketing and Economic Operations Department of the National Oil Company of Azerbaijan said the price of a barrel of Azeri Light crude oil decreased $0.66 to stand at $53.99 on the world markets.
  • Will Gold Miners Get Justice in South Africa

    SOUTH AFRICA, 2015/10/10 In King Leopold's Ghost, the historian Adam Hochschild uncovers the horrors committed in the Belgian Congo in the years before and next 1900. It is a history of slavery, murder and mutilation - anyone who's seen the pictures of piles of cut-off hands cannot but be horrified by it. Rather than just focussing on 'the horror', Hochschild zooms in on the courageous individuals who stood up against this cruelty. These are people like George Washington Williams, a black American journalist who travelled to the Congo in the late 1880s, and E. D. Morel, who dedicated much of his life to exposing the atrocities to the British public and to changing public opinion.
  • Chinese Company to Produce 40 Billion Gallon Gas in Ethiopia

    CHINA, 2015/09/23 A Chinese company engaged in natural oil gas exploration with a capital of five billion USD in Ethiopia is expected to produce 40 billion gallon gas next three years. President Dr Mulatu Teshome held talks with Chinese Poly Technology Company Vice President Huang Geming at the National Palace yesterday. President Mulatu said the relationship between Ethiopia and China would help attract additional huge companies into Ethiopia.
  • NNPC Bows to Pressure, Lifts Ban on 113 Oil Tankers in Nigeria

    NIGERIA, 2015/09/12 The Nigerian National Petroleum Corporation (NNPC) has finally bowed to the pressure mounted by the International Association of Independent Tanker Owners (INTERTANKO) and lifted a ban on 113 foreign vessels, mostly very large crude carriers (VLCCs) into Nigeria’s territorial waters less than two months next the ban was imposed. Acting on the directive of President Muhammadu Buhari, NNPC imposed the ban in a little while next Buhari assumed office over concerns that most of the tankers were complicit in incidents of crude oil theft from Nigerian oil terminals. INTERTANKO, whose members were mostly affected by the ban of the 113 vessels, is one of the major groups in the shipping industry with 207 full members and 285 associate members, and a registered fleet of over 3,000 tankers of over 270 million DWT (deadweight).
  • Mine in Mozambique has gem reserves of 432 million carats

    MOZAMBIQUE, 2015/07/25 An independent statement shows that the Montepuez Ruby Mining concession in northern Mozambique, could contain reserves of 432 million carats of rubies and corundum, announced British multinational Gemfields, which leads the concession’s consortium. Authored by British consultancy SRK Consulting, the statement as well said that the mine could be explored for a period of 21 years, anticipating that the project would be able to generate cash flow of US$2.7 billion over its lifetime. With a estimate of increasing annual production capacity from 3.3 million tons to 5.6 million tons in 2017, in this period the project may receive investment of US$64 million, the document said.
  • About 40,000 Nigerians currently live and work in Spain.

    SPAIN, 2015/07/18 Spain has emerged one of the biggest importers of Nigeria's crude with its 2014 purchase worth €6.5 billion representing 14 % of Spain's gas consumption, and eight % of its oil consumption in that year. About 40,000 Nigerians currently live and work in Spain. The Ambassador of Spain to Nigeria, Mr. Alphonso Sebastian de Erice, presented these figures as evidence of blossoming Spanish-Nigerian business ties during a courtesy call on the Speaker of the Home of Representatives, Rt. Hon. Yakubu Dogara, in Abuja on Tuesday.
  • Occidental Petroleum To Sell 40% Of Middle East Unity

    IRAQ, 2015/07/01 Occidental Petroleum oil is looking to sell 40 % of its operations in the Middle East for eight billion Dollars, while the company seeks to invest in the Middle East unity within the framework of a broader plan to split the company. Chief Executive Officer, Steve Chazen has been speaking publicly since April about a possible transaction related to its origins in the Middle East and North Africa and in different nations from Libya to Iraq and Yemen.
  • Natural gas from Mozambique will supply the Japanese market

    MOZAMBIQUE, 2015/06/28 US group Anadarko Petroleum is in talks with newly formed Japanese consortium Jera to sign a arrangement for long term supply of natural gas extracted in Mozambique. Jera is a consortium set up last April by Tokyo Electric Power Co (Tepco) and Chubu Electric, the biggest and third-biggest electricity suppliers in Japan, to try to lower the price paid for liquefied natural gas.
  • Brazilian group Oi may keep stake in Angola’s Unitel

    ANGOLA, 2015/05/20 Brazilian telecommunications group Oi is reassessing the put option on the 25 % stake it holds in Angola’s Unitel, said the group’s chief executive, Bayard Gontijo, speaking to the Reuters news agency. Gontijo said that the stake in the Angolan company remains on the inventory of African assets for sale, but added that the aboard was working on two possible scenarios, one of which is the sale and the other “the resolution of long-standing disputes … in a structure where the shareholder agreement is respected by the parties.”