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Issue 142 • 4 July, 2008

Nigeria’s GTL financing milestone

A N26bn ($220m) financing agreement for the Escravos gas-to-liquids (GTL) project was signed on 21 June between a consortium of Nigerian banks and Nigerian National Petroleum Corporation (NNPC) and its joint venture partner Mobil Producing Nigeria (MPN).
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Sector Pointers

CORPORATE FINANCE

FLEX LNG: Private placement

SPECTRUM ASA: Share float

PROJECT FINANCE

NIGERIA: Ex-Im Bank doubles facility

DEVELOPMENT FINANCE

FIRST EQUATOR CAPITAL: New SSA investor

GOVERNANCE

NIGERIA: Hydrocarbons restructuring
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Issue 141 • 20 June, 2008

Mittal becomes Ophir’s biggest shareholder

Eager to secure new sources of oil, Lakshmi Mittal has taken over from Tokyo Sexwale as Ophir Energy’s biggest shareholder as the company embarks on an ambitious exploration programme.

Indian steel magnate Lakshmi Mittal has taken a 21.2% stake in Ophir Energy following a capital raising worth £168m ($331m) to fund the upstream player’s exploration plans; in the process, Mittal has overtaken the company’s strategic partner, South African black economic empowerment firm Mvelaphanda Holdings, as its biggest investor.
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SOUTH AFRICA: Tariff hike is well below ‘credit watch negative’ Eskom’s target

Slightly later than expected, the National Energy Regulator of South Africa (Nersa) has sought to placate the very different, often conflicting, demands of building SA’s economy according to international benchmarks and protecting millions of poor consumers from the worst depredations of transition to a hard-knuckles market economy.
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Pointers

DEVELOPMENT FINANCE:

COTE D’IVOIRE: WBG post-conflict funding

DR CONGO: IFC microfinance programme

EADB: Chinese credit

MOROCCO: World Bank loan for ONE

ECONOMY

BOTSWANA/REGION: Power crunch affects growth

INTERNATIONAL CO-OPERATION

NIGERIA: French partnership agreement

SUDAN: Chinese co-operation

TRADE FINANCE

ANGOLA: SocGen credit agreement

GOVERNANCE

GABON: Gas flaring reduction commitment
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