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The Export-Import Bank of the United States signed a declaration of intent with South Africa’s state-owned Industrial Development Corporation (IDC) on 7 August to provide up to $2bn for South African energy projects sourcing equipment and services from the US, with an emphasis on clean energy.

South Africa
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Among those counting on the incoming government maintaining stability are the international oil companies (IOCs) that have made Angola Africa’s leading oil exporter. IOCs produced 96.7% of the total average 1.72m b/d output in 2016, according to Sonangol’s 2016 annual report. French major Total’s large holding of operated blocks gave its assets by far the biggest overall production, 229.36m bbls out of a total 630.11m bbls of crude oil output last year, which was 3% lower than in 2015.

Angola
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Private financing initiatives are one notable element of the African Development Bank’s more assertive role in promoting projects across the continent under Donald Kaberuka’s presidency

Senegal
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The World Bank Group announced on 14 July that it had approved a financing package for a $138m 57MW heavy fuel oil plant at the Kissy industrial site east of Freetown. The project, known as the Western Area Power Generation Project, is owned by CEC Africa SL, a special purpose vehicle owned 50.1% by Copperbelt Energy Corporation subsidiary CEC Africa Investments Ltd and 49.9% by Abu Dhabi-based Tempus Constant Qualitas Power Ltd (TCQ).

Sierra Leone
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The European Commission has proposed new disclosure requirements along the lines of the US Dodd-Frank Act for companies based in the European Union

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The Industrial and Commercial Bank of China (ICBC) will provide up to $4.5bn of finance for the construction of the 2,171MW Caculo Cabaça dam on the Kwanza River, 19km downstream from the 2,070MW Laúca dam. The contract for what will be Angola’s biggest dam was signed in Beijing on 29 November by Angolan finance minister Archer Mangueira. The project will benefit from insurance cover by Sinosure to guarantee the investment, China’s largest in Angola to date.

Angola
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A financing agreement worth $350m has been signed for an 80MW peat-fired power plant in Kabumbwe, Gisagara district. The deal was announced by the Africa Finance Corporation (AFC), which is providing a loan of $75m in addition to arranging $225m of senior debt from a consortium including the Eastern and Southern African Trade and Development Bank (PTA Bank), the African Export-Import Bank (Afreximbank), the Development Bank of Rwanda, and the Export-Import Bank of India. AFC is also underwriting $35m and Finnish development agency Finnfund is lead arranger for the junior debt and is providing $10m of mezzanine debt.

Rwanda
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South Sudan is maintaining oil production at just below 170,000 b/d, but the continued fall in the government’s share of production means that state oil revenue has dropped to less than $50m/month, leaving the government on the brink of bankruptcy. “At the moment we’re producing about 168,000-169,000 b/d,” an official at the Ministry of Petroleum and Mining told African Energy on 23 March. “A few weeks ago, we were producing 170,000 b/d, but it has dropped slightly.” The figure may be a slight overestimate, according to an oil industry source in Juba, who puts production at between 160,000 b/d and 165,000 b/d.

South Sudan
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Emboldened by President Donald Trump’s election win, Republican lawmakers have started the process of dismantling the bipartisan Cardin-Lugar anti-corruption rule, which requires oil, gas and mining companies publicly listed in the US to publish their payments to governments in countries where they operate. The rule became law in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, but its implementation was held up by legal challenges and it was released by the Securities and Exchange Commission (SEC) only in June 2016 after Oxfam America sued to speed the process up.

Issue 377 - 28 September 2018

Egypt: Soco to acquire Merlon

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Having recently pulled out of Republic of Congo and Angola, London-listed Soco International has moved into Egypt, with the acquisition of Merlon Petroleum El Fayum Company for $215m, to be paid in cash and shares. Merlon, a company incorporated in the Cayman Islands, has 100% in the onshore El Fayum concession in the Western Desert, which will add production, reserves and exploration upside to Soco’s Vietnam-focused portfolio.

Egypt
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Afrinvest name change; Maputo port investment; First Quantum financing; PA bond issue

Mozambique | DR Congo | Nigeria | Congo Brazzaville
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Mining companies have expressed concern that April’s increase in electricity and fuel prices will not only hurt existing mining operations, but also make Africa’s second biggest copper producer less attractive as an investment destination. In April, the Energy Regulation Board (ERB) approved a 28.8% electricity price increase for mining companies and raised fuel prices by an average of 8.3% after the kwacha lost value against major convertible currencies. The ERB said the bulk supply agreement tariffs between state power company Zesco and Copperbelt Energy Corporation had been adjusted to 6.84 cents/kWh from 5.31 cents/kWh.

Zambia
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AIM-listed Sound Energy has announced a better-than-expected gas flow from the TE-7 appraisal well on the Tendrara licence, and has raised a net £24.3m ($32m) through a share offer as it talks up the potential for a “huge gas deposit”. The share offer, at the market price rather than a discount, used the PrimaryBid.com online platform to enable private investors to participate on the same terms as institutions.

Morocco
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Abu Dhabi National Energy Company (Taqa) has signed financing arrangements for $1.4bn equivalent of 16-year, multi-currency non-recourse project financing for the 700MW expansion of the Jorf Lasfar coal-fired power complex.

Morocco
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New Private Infrastructure Development Group (PIDG) facility Green Africa Power (AE259/17) is looking to recruit an experienced fund manager with previous involvement with renewable energy to manage its £95m ($150m) investment fund. The tender has been registered on the European Union public procurement website – ted.europa.eu/ – with the reference 2013-279690. The contract will be valid for an initial period of three or five years, expected to commence in early 2014, with potential for two one-year extensions.