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Issue 244 - 29 November 2012

Africa Oil: Private placement

Free

East Africa player Africa Oil Corporation has announced a private placement of up to 25m shares at C$7.75/share to raise C$193.75m. The proceeds will be used to fund the company’s work programme in East Africa and for general working capital purposes.

Kenya | Ethiopia
Issue 244 - 29 November 2012

More SA renewables projects under way

Subscriber

Construction is getting under way and contracts continue to be awarded following the signing of agreements between developers, the government and Eskom on 5 November, an important milestone for South Africa’s renewable energy independent power producers procurement programme (REIPPP).

South Africa
Issue 244 - 29 November 2012

Why is Doha supporting gas deal?

Subscriber

The involvement of Doha-based investment bank QInvest in the project to bring gas into Egypt has renewed speculation about Qatar’s use of its financial and energy market muscle to win influence and support new Islamist political forces in North Africa. While the emirate has established a strong record of intervention in Arab Spring countries over the past two years, this is also a frequent default explanation for impenetrable decisions which otherwise defy commercial logic.

Egypt
Subscriber

Energy and mines minister Youcef Yousfi has defended Algeria’s position on gas prices, an issue of major concern for European utilities, who have been calling for a better pricing structure, and are now tying the issue to their willingness to invest in new exploration opportunities. However, state giant Sonatrach, which is embroiled in international arbitration with Electricité de France’s Italian subsidiary Edison, insists its clients must pay their fair share of the huge investments required to bring new Algerian gas on-stream.

Algeria
Free

The bankruptcy of Petroplus continues to trouble some of the Swiss refiner’s former suppliers. Petroplus owes Algeria’s Sonatrach over $250m for several cargoes of crude it delivered to the refiner, which filed for insolvency protection in January. Speaking in Algiers on 4 November, vice president for marketing Yamina Hamdi said “we are using all means possible to recoup these debts”.

Algeria
Free

Egypt could have a future as a Mediterranean gas exporter. Rising debts owed by Egyptian General Petroleum Corporation (EGPC) and other post-revolution problems weigh on international oil companies, but IOCs and industry analysts are optimistic about the prospects for further hydrocarbons discoveries in the Nile Delta, Western Desert and other regions, reflected in the latest EGPC licensing round bidding.

Egypt
Issue 242 - 01 November 2012

Fastnet emerges at the Atlantic Margin

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Fastnet Oil and Gas executive vice president exploration Paul Griffiths said in October that Morocco’s Foum Assaka offshore permit, which is operated by Kosmos Energy, as having “multi-billion barrel resources in place in several plays including a Jubilee field, Ghana analogue”.

Morocco
Issue 242 - 01 November 2012

Azito expansion reaches financial close

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The Azito gas power plant’s 139MW expansion has reached financial close, almost exactly a year after the concession agreement for the $430m project was approved by the government.

Côte d'Ivoire
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Foreign exchange reserves fell by 2% in September to $4.1bn – the equivalent of 2.6 months of imports – as trends towards dollarization and election-related spending added to downward pressures.

Ghana
Issue 240 - 05 October 2012

Kenya-Ethiopia: AfDB funds power highway

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The African Development Bank’s soft loans arm has approved $348m in funding for an electricity highway project between Kenya and Ethiopia. The $1.26bn Eastern Electricity Highway Project is the first step towards a regional power pool which many hope will curb electricity price increases and improve security of supply.

Kenya | Ethiopia
Issue 240 - 05 October 2012

Guinea: HIPC debt relief

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Guinea has reached the completion point for the Heavily Indebted Poor Countries (HIPC) initiative, paving the way for $2.1bn of debt relief.

Guinea
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The proceeds from Zambia’s successful debut Eurobond issue will be spent on upgrading energy and transport infrastructure, writes Chiwoyu Sinyangwe in Lusaka.

Zambia
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With a new cabinet close to being finalised, National Oil Corporation is finally able to put in place some longer-term plans. The appointment of the new cabinet will give the ministry and NOC the authority to make decisions for the future, chairman Dr Nouri Berouin told John Hamilton in an interview in Tripoli.

Libya
Issue 240 - 05 October 2012

Afam bids cancelled after Nnaji departs

Subscriber

One plant was not awarded in Nigeria’s generation plant round: Afam Generation Company in Rivers State. The bidders for the 776MW unit are alleged to have included a company linked to former power minister Professor Bart Nnaji, a key player in the privatisation process.

Nigeria
Issue 240 - 05 October 2012

Niger: Kandadji dam funding

Free

The World Bank board has approved $203m of funding for the Niger Basin Water Resources Development and Sustainable Ecosystems Management Programme, which includes support for the Kandadji Programme.

Niger