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Plans for a joint venture between leading Cairo-based private equity company Citadel Capital and Qatar Islamic Bank-backed investment company QInvest to build regasification facilities and import gas for Egypt’s domestic market have caused a degree of puzzlement in the industry. A 22 November statement from Citadel does not explain where the gas will come from or how the infrastructure and gas will be paid for. It says Citadel, QInvest and a group of Qatari investors will form a joint venture to “construct and own the facilities required to position a floating LNG storage and regasification unit (FSRU) at a location in Egypt to deliver natural gas to high-volume end-users”.

Egypt
Issue 244 - 29 November 2012

Uganda: Umeme IPO oversubscribed

Subscriber

An initial public offering (IPO) of shares in Actis-owned distributor Umeme which closed on 7 November was oversubscribed by more than 35%. But the utility remains under fire for poor performance after a series of blackouts caused by system upgrades and faults on the Namanve and Mutundwe substations, despite hopes that the commissioning of the Bujagali power station would alleviate the supply problem.

Uganda
Issue 244 - 29 November 2012

Big Law arrives in East Africa

Subscriber

The prospect of major gas developments offshore East Africa has brought a surge in demand for legal services in the countries involved. Initially, European law firms formed partnerships with local firms to access a new client pool, but as foreign businesses flock to the region, some of these partnerships are breaking up. As foreign players increase their local know-how, domestic firms may find it harder to compete, especially when many of the largest clients are also foreign multinationals.

Tanzania
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
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
Subscriber

The Tanzanian government has unveiled a new gas policy focused on prioritising the domestic market rather than the large-scale exports favoured by IOCs, writes Hugh Boylan.

Tanzania
Issue 242 - 01 November 2012

Fastnet emerges at the Atlantic Margin

Subscriber

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
Subscriber

Rising concern that the government will use its revised mining law to obtain a bigger yield from investors on existing projects has been reflected in comments by AngloGold executive Gary Davies, who told Reuters that “those contracts should be honoured because they’ve made an investment for the long term”.

Tanzania
Issue 242 - 01 November 2012

Azito expansion reaches financial close

Subscriber

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
Free

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 242 - 01 November 2012

Cameroon: Iron ore JV likely shelved

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Plans to develop an iron ore joint venture are in doubt, Legend Mining Ltd said on 29 October, after the Australian Securities Exchange (ASX)-listed junior’s South Korean partner Posco Africa (Pty) Ltd said it would not proceed due to global market conditions.

Cameroon
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In a process delayed by political bickering and dramatic protests, the chosen candidate to take over as Libya’s new oil and gas minister is an environmentalist and senior member of the Muslim Brotherhood-supported JCP, who was sentenced to life imprisonment by the former Qadhafi regime, writes John Hamilton

Libya
Subscriber

Ugandan and Ghanaian government plans for rigorous local content regimes reflect politicians’ concerns that the fruits of oil production will neither be enjoyed by sufficient numbers of voters nor create sustainable national industries. Implementation may add to the burden on IOCs but is in the interests of all parties, writes Hugh Boylan

Ghana | Uganda
Subscriber

US government development finance institution the Overseas Private Investment Corporation (Opic) has announced it will beef up its South African operation from 2013, dedicating a senior staff member “to leverage the country’s position as a business hub and strategic US partner” and help implement the US-Africa Clean Energy Finance Initiative (US-ACEF)

South Africa