Africa

The CEO of Dangote Petroleum Refinery said that the planned October IPO could 'become Africa’s largest' and would allow Nigerians to share 'in its growth. Sources familiar with the issue told the Nigerian Securities and Exchange Commission this month that the refinery had submitted a?application'for a $5 billion IPO, but the size of the IPO is still unknown. David Bird, CEO of David Bird, said in an interview that "we really want to drive the participation." "The IPO's mandate was to be a people's IPO." Bird stated that the company wanted to have at least three years' worth of financial...

Citgo Petroleum, a Venezuelan-owned U.S. refining company, reported on Thursday that its profit jumped from $100 million to $936 in the second quarter due to strong refining margins resulting from global supply disruptions. Ownership of the 829,000-barrel-per-day Houston-based ?refiner could change to an affiliate of Elliott Investment Management if a court-ordered auction to ?pay Venezuela-linked creditors completed in Delaware last year is ultimately approved by the U.S. Treasury Department, ?which remains pending. The company reported that a tight supply-demand balance, as well as a geopolitical premium, characterized the quarter. The U.S. and Israel war on Iran, as well as shipping...

The local oil refiners association reported that Nigeria was considering changes to its crude allocation rules and pricing to increase 'feedstock' access for its refiners. This includes Dangote Refinery. Dangote said previously that Nigeria's pricing structure added $3 to $4 per bar to feedstock costs because purchases were routed through trading arms of producers. Analysts claim that the pricing of domestic crude oil is more important than availability. This move could boost operations at Africa's largest?refinery of 650,000 barrels per day, Dangote, whose production has been at times constrained by the difficulty in securing enough crude supplies domestically. CORAN, the...

Brega Petroleum Marketing Company released a statement saying that a fire broke out, along with a heavy smoke, in the diesel?tank at Zawiya Refinery in Libya on Monday after the tank was hit under circumstances that are still unknown. Brega, owned by the state oil company NOC, is responsible for fuel supply. Zawiya, the largest refinery in Libya, as Ras Lanuf has been shut down, is located around 40 km west of Tripoli. Its capacity is?120,000 barrels a day. It is linked to the 300,000 barrels per day Sharara oilfield. The?company stated that firefighter 'brigades' are battling the fire. It...

According to documents seen on Monday, Naji Issa has submitted his resignation to both the legislative chambers of Libya. The documents, whose authenticity was confirmed by Issa in the document, stated that he could not continue to hold his position, but he did not elaborate on the reason, citing the sensitive nature of the issues. Issa stated in documents sent to the leaders of the two chambers that he would not be able to continue his position. The two documents stated: "I apologize that I am unable to continue my duties as Governor of Central Bank of Libya without disclosing...

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

According to documents obtained by, Nigeria's NNPC, the state-owned oil company, issued a further tender?to.sell a cargo.of its newest.crude oil grade Cawthorne.in September. Cawthorne was exported in March along with other grades recently introduced, such as Nembe, and Utapate. Nigeria is looking to diversify and boost its exports after years of underinvestment and disruptions due to oil theft and operational disruptions. The document states that the Cawthorne shipment will be loaded?on September 22-23 and will consist of 950,000 barrels. NNPC also offers a 950,000 barrel 'cargo of Bonny Light' loading between September 30 and October 1. NNPC has not 'immediately...

According to the data released on Sunday by the regulator, Nigeria's crude oil production reached its highest level in more than six years in June, as stable operations and improved reliability of pipelines boosted output. The Nigeria Upstream Regulatory Commission reported that Africa's biggest oil producer, Nigeria, produced an average of 1,56 million barrels of crude oil per day in June, which was 4% higher than the quota set by the Organization of Petroleum Exporting Countries. Nigeria's total oil production, including condensates that are not subject to OPEC quotas in June, averaged 1.735 millions bpd, up from 1.7 million bpd...

Sheikh Hamad Bin Khalifa al-Thani died aged 74. He was a moderniser and a powerful leader who took power in 1995, but broke tradition by handing it over to his son, 18 years later. The Amiri Diwan in Qatar, Qatar's top government body, announced on Sunday that Sheikh Hamad died. The cause of death was not mentioned. It did not mention?the cause of his death. Sheikh Hamad presided in one of the most significant periods of history of the country, driving a fast transformation of the small desert state, which reshaped the economy, global status and political ambition. He was...

The nation's Amiri Diwan (its top government body) announced on Sunday that Qatar's former emir had died at the age of 74. Sheikh Hamad bin Khalifa Al Thani, Qatar's former ruler from 1995 until 2013, abdicated to his son Sheikh Tamim. Sheikh Tamim is now the current leader of this gas-rich Gulf nation. The Amiri Diwan has announced the death of HH Father Amir Sheikh Hamad Bin Khalifa Al-Thani. The Diwan stated that Allah would have mercy on him and give him the best reward possible for his achievements for 'his homeland and nation. Sheikh Hamad has raised Qatar's profile...

Nigeria's Dangote Group plans to finance a ?proposed 700,000-barrel-per-day oil refinery in Kenya through ?internal cash flow, bonds and an initial public offering, a ?senior company executive told ?. It is estimated that the refinery will take three years to complete. The project would provide refined petroleum products for Kenya and other neighbouring countries. This would reduce East Africa’s dependency on imported fuels. It would also fulfil Dangote's ?ambition to expand fuel-processing capacity across Africa following the start-up of its 650,000-barrel-per-day refinery ?in Lagos. The site has been chosen, soil testing is underway, and the design?and engineering has begun. Edwin...

Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual...

Two senior DFC executives said that the U.S. International Development Finance Corporation (DFC), is supporting a pipeline of African projects involving rare-earth elements, as private investors are reluctant to fund this sector. The DFC announced on Wednesday that it had committed $62.8 to rare-earth project in Malawi, Angola and Madagascar, but none of them has yet reached production. The majority of this funding, about $50 million, was allocated to the Phalaborwa Project in South Africa. It is backed by Dublin-based mining investors TechMet. One of the executives, who asked to remain anonymous because they weren't authorised for public discussion on...

Executives and analysts say that Indian steel mills face increasing pressure on their margins due to higher "coking coal" prices as a result of the Iran War and supply disruptions in Australia and China. India, after China the largest crude steel producer in the world, imports 95% of its coal, at least half from Australia. Nearly 40% of the cost of steel production is accounted for by coking coal. Indian steelmakers are increasing their spending in order to meet the strong domestic demand, driven by infrastructure development and economic growth. This could lead to squeezed margins and a delay in...

The?government's statement said that the Zambian police had arrested several prominent opposition figures during the night of the national elections. They were accused of posing an imminent threat to the state. On?Monday, partial results from Thursday's presidential and legislative elections were still being counted. President Hakainde hichilema was in the lead. The election will be a test to see if Hichilema can win a second term as the country's major copper producer. Brian Mundubile said that heavily armed individuals had raided the residence of his main rival after the elections. He described it as an assault on his life. In...

Three sources familiar with the matter said that the Chinese state iron ore purchaser reached an agreement in April with 'Anglo American over an annual supply contract for the key ingredient used to make steel. China Mineral 'Resources Group' (CMRG) was established in 2022 in order to gain more power on the iron ore markets where China is a dominant buyer. They have increased their efforts to get better terms for Chinese Steelmakers who are struggling with dwindling margins and dwindling demand. Bloomberg broke the news on Friday. Sources said that CMRG, under the?agreement which was not previously reported, became...

Investors weighed stalled attempts?to resolve the U.S. - Iran conflict, the continued disruptions of?shipping in the Strait of?Hormuz 'blockade?and a softer outlook for oil demand. Iran and the United States are still at odds on a permanent solution. A senior Iranian source said that there has been no progress in reviving or setting a timeline for the implementation of the June interim agreement. The prospects for a breakthrough have been further dampened by President Donald Trump's renewed criticism of Iran's leaders. Meanwhile, fresh attacks against shipping on Tuesday highlighted the dangers facing regional trade. The energy outlook was further impacted...

India and the five members of the Southern African Customs Union signed terms-of-reference on Wednesday, to begin talks on a preferred trade agreement. New Delhi is seeking lower tariffs for exports such as cars, pharmaceuticals, and industrial machinery. After five rounds of talks that ended in 2010 without an agreement, the move brings back India's negotiations with SACU. SACU is made up of South Africa, Botswana Namibia, Lesotho, and Eswatini. The agreement could be India's first significant trade agreement with a regional African bloc. It would give Indian companies access to 65 million people in Africa while also helping SACU...

Kerim Sener, Managing Director of Ariana Resources (a London-listed company), said that the company expects to begin producing gold in Zimbabwe from its "greenfield" project by 2028. Ariana Resources' Dokwe Project, located about 110 kilometres north-west from Bulawayo (Zimbabwe’s second largest city), is a 'large-scale greenfield' project. South Africa has a rich history of gold mining, but it has been unable to attract substantial investment after international mining companies such as Rio Tinto, Delta Gold, and Kinross left the country more than 20 years ago due to a political crisis and economic crisis. A few mid-tier miners and many small-scale...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines operations to Huaxin Building Materials of China in a deal worth at least $807,000,000. Holcim is selling an initial 68% stake at $527 million. The remainder will be sold in the following three to five year period for a price minimum of $280million. Holcim stated that this would result in an overall valuation $807 million. However, the figure may rise "based upon incremental value creation over?this time period". This sale is Holcim's largest divestment, since the $1 billion deal it made with Huaxin...

ArcelorMittal South Africa announced on Thursday that its?half-year loss had increased by a staggering?47%, as the 'business was weighed down by a sluggish steel price and a surge in steel imports mainly from China. The South African division of steelmaker ArcelorMittal reported a headline loss?1.489 billion Rand ($89.29 millions) for the six-month period ended June 30. The company had reported a loss of?1.014bn rand in the previous year. The company is battling a weak 'local demand', high electricity prices as well as competition from South African scrap metal recycling micro-mills as well as imports from China. ArcelorMittal South Africa confirmed...

The major Gulf stock markets fell in early trading on Tuesday as investors awaited U.S. Federal Reserve policy decisions and developments in the Iran Conflict, although ongoing corporate earnings provided some support. The majority of Gulf?Cooperation Council nations,?including?UAE?, have their currencies pegged against the U.S. Dollar and closely follow the Fed?s policy, exposing them to the direct effect of monetary tightening on the world?s largest economy. The Fed ends its two-day session on Wednesday. CME FedWatch?shows that 62% of policymakers are likely to keep rates the same, and 38% are expecting a minimum 25-basis point increase. This is up from...

Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained...

Guinea's bauxite exports rose 15% in the first half if?2026 to a new record high, according to official data. This was due to strong Chinese demand, despite increasing pressure on smaller producers because of rising fuel and shipping costs. Bauxite feedstock is used to make alumina. Alumina is an important ingredient in aluminum, which can be found in many industries, including transport, construction, and packaging. Guinea, which is the largest bauxite supplier in the world, exported 114.8 million tons between January and the end of June. This was up from 99.8 millions tons a year ago, according to data released...