APPO sets timetable to launch African Energy Bank
“Without energy, there is no life. Today, we are doing everything we can to ensure that the African Energy Bank becomes a reality by June 30, 2024,” the Benin minister said.
Afreximbank
AFC, Afreximbank close financing for Cabinda refinery
VFuels reported that plant was making progress last week. The project is “ready for pipe insulation and final testing before nitrogen preservation”, the US company said.
Oando finally audits 2020 results, sees theft spike in 2021
In August 2021, it managed to reach a deal where it would help loan money to Whitmore Asset Management, linked to its CEO Tinubu, to pay out $550mn to Gabriele Volpi’s Ansbury Investments. Oando borrowed the cash from Afreximbank and advanced this to Whitmore.
Equatorial Guinea sets out Zafiro, gas hub plans
“Production is not at the level we would like. We intend to own the asset and we need a new plan of development, which will take different things into consideration,” he said. Many wells need to undergo workovers, he said, in order to make it fit for the long term.
Afreximbank signs RBL deal with Amni, commits to energy bank
Afreximbank has agreed to provide $600 million in financing to Nigeria’s Amni International Petroleum Development.
Sierra Leone jumps in for exploration offering
Sierra Leone is in the midst of a licence round as it aims to cash in on a return of interest to the energy sector.
BPE seeks suitors to tackle mismanaged power discos
Nigeria’s Bureau of Public Enterprises (BPE) has set out plans to resell 60% stakes in a number of power distribution companies, known as discos.
McKinsey warns of African shortfall amid energy transition risks
The energy transition is throwing up particular challenges for Africa, not least in terms of access to the skills and capital needed to meet future demand.
Afreximbank, APPO sign up to energy bank plan
Afreximbank has signed a memorandum of understanding (MoU) with the African Petroleum Producers Organization (APPO), with the dream of creating an energy bank.
Shell’s Nigerian asset sale slated for flaring increase
Big companies have big plans to cut emissions and often find it easier to sell assets. Buyers may not be quite so concerned about tackling emissions, though, a report from the Environmental Defense Fund (EDF) has found.
Afreximbank to support NNPC in $5bn fundraise
The African Export-Import Bank (Afreximbank) will work with Nigerian National Petroleum Corp. (NNPC) to raise $5 billion.
Afreximbank signs up to back Nigerian FLNG plan
UTM Offshore has signed a memorandum of understanding (MoU) with the African Export-Import Bank (Afreximbank) in support of a floating LNG (FLNG) project.
African financing faces mounting challenges
International banks are increasingly reluctant to commit to African projects, although domestic banks are growing with an eye on filling this gap.
Nigeria approves funding for Tecnimont refinery work
Nigeria’s Federal Executive Council (FEC) has approved spending $1.5 billion to rehabilitate the Port Harcourt refinery.
Shell sells OML 17 stake for $533mn
Shell Petroleum Development Co. (SPDC) has sold its 30% stake in OML 17 to TNOG Oil and Gas, for $533 million.
Buhari welcomes AEICORP to Abuja
The African Petroleum Producers’ Organisation (APPO) may be moving its headquarters to Congo Brazzaville but the African Energy Investment Corp. (AEICORP) will be based in Nigeria’s capital, Abuja.