Search results

Italian investigations into allegedly corrupt deals by Saipem in Algeria have extended to the top of parent company Eni and reopened the corruption dossier at state-owned Sonatrach. Fresh revelations have the potential to inflict political damage and place substantial amounts of business under judicial scrutiny, writes John Hamilton

Inhabitants of Benghazi have threatened to hold large demonstrations on the anniversary of the protest that led to the fall of the Qadhafi regime and it is far from certain that government proposals will be enough to placate their anger at the lack of economic development, writes John Hamilton

The government is hopeful that the deadlock holding up the introduction of the much-delayed sovereign wealth fund (SWF) will be overcome soon, minister of state for finance Yerima Ngama told the 5 February UK-Nigeria Bilateral Banking, Finance and Investment Development Conference in London.

Long the exclusive preserve of small, specialised companies, East Africa has seen the arrival of a number of big players in the past couple of years, and even BP has an East Africa exploration manager looking at opportunities. But management of expectations is emerging as a key challenge – highlighted by the standoff between Uganda and international oil companies (IOCs).

The bidding process for the Karuma dam has again been halted, this time by an intervention from the Inspector General of Government, who has called for a fresh investigation into irregularities.

Afren affiliate Gasol has signed a strategic alliance agreement with Azerbaijan’s Socar Trading SA (STSA) in relation to its proposed liquefied natural gas (LNG) import project in Benin. STSA will supply the LNG for the project and assist Gasol with the provision of a floating gas storage and regasification vessel in Cotonou harbour.

Australia’s Pura Vida Energy has signed a production-sharing contract for the offshore Nkembe Block. It will operate the block with an 80% stake, alongside the state of Gabon, with a 20% carried interest.

Trader Trafigura has completed the sale of a 20% stake of its midstream and downstream subsidiary Puma Energy to Angolan state oil company Sonangol for an undisclosed sum.

Société Ivoirienne de Raffinage (SIR) has signed an agreement for a $120m structured financing to enable the Abidjan refiner to import crude supplies. The financing, signed on 15 January, was led by Banque Atlantique-Côte d’Ivoire, along with Chaabi International Bank, a subsidiary of Morocco’s Banque Centrale Populaire.

The names of the Griffiths Energy International co-founders, Naeem and Parvez Tyab, may be familiar to those who follow the sometimes shadowy world of Canadian oil minnows operating in Africa. The other co-founder was the late Canadian financier and businessman Brad Griffiths, who died in mid-2011. The Tyabs served as directors until July 2011, when a new board and management were appointed.

Griffiths Energy International has been hit with a record fine for paying bribes as part of its efforts to secure exploration acreage in Chad, after the company’s new management uncovered evidence of wrongdoing and reported it to Canadian police.

Office National de l’Electricité et de l’Eau Potable has published notice of prequalification for the 350MW Abdelmoumen pumped storage project in Taroudant Province. The turnkey contract will include implementation studies, civil works, materials and equipment supply, installation, testing and commissioning of the power plant.

Following its success at drawing in cheap financing and qualified bidders for the 160MW first phase of the 500MW Ouarzazate independent power project (IPP), Moroccan Agency for Solar Energy (Masen) has issued prequalification bids to install another 300MW at the southern site.

Thombo Petroleum has announced the start of 3D seismic acquisition over the A-J1 graben in Block 2B, off the west coast of South Africa. The survey, by WesternGeco, aims to reveal the extent of the A-J1 oil discovery, drilled by Soekor in 1988, and to look at other prospects and leads in the graben which have been identified from existing 2D seismic data.

The World Bank’s International Finance Corporation (IFC) has announced plans to issue a $50m local currency bond (equivalent to 8bn naira) to support Nigeria’s domestic capital markets and increase access to local currency finance. The IFC Naija bond will be the corporation’s first naira-denominated bond and the first placement by a non-resident issuer in the country’s domestic capital markets.