Africa

Nigeria's 650,000-barrel-per-day Dangote refinery has imported ?2 million barrels of crude ?from ADNOC of the United Arab Emirates, ?traders told , ?marking its first ?such purchases ?of crude from the Middle Eastern producer. As demand in Asia has weakened and global crude markets have weakened dramatically, the purchases are being made at a time when the Middle East crude market is able to supply more Middle Eastern crude due to the 'U.S. Iran ceasefire' earlier this month. Three sources have confirmed that Dangote imported a cargo of Umm Lulu oil and another?of Das or Murban in June. The Dangote refinery...

On Tuesday, the United Nations urged major artificial intelligence companies to disclose their full environmental costs and use renewable energy in their data centres. He also launched a transparency project for the sector. Environmental groups have criticized the rapid growth of data centres to fuel AI for their excessive energy and water use and lack of transparency. In a speech at London Climate Action Week, U.N. Secretary General Antonio Guterres stated that by 2030 they could use enough power to satisfy the basic needs for all 1.3 billion sub-Saharan Africans for an entire year. As he launched the U.N. AI...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

The Nigerian Dangote Petroleum Refinery, which is owned by Dangote Group, has increased its crude processing capacity to 700,000 barrels a day during a test conducted by the process licensors. This exceeds the nameplate capacity, 650,000 bpd, and marks a significant milestone in operations, according to a statement released on Thursday. Devakumar?Edwin, vice-president for oil and?gas at Dangote Industries said that the ramp-up is part of a larger plan to expand the capacity to 1.4 million bpd in 30 months. This level could make the facility among the largest globally. The refinery owned by billionaire Aliko. Dangote began fuel production...

El Nino could cause cocoa prices to rise by several thousand pounds per metric tonne, according to the chief executive of Barry Callebaut, one of 'the world's leading cocoa processors. El Nino, an 'climatic pattern that can increase temperatures and increase risk of extreme weather conditions, could reduce the yields of crops, including cocoa. This would limit supply and push up prices. Hein Schumacher, CEO of Hein Schumacher, said in a press conference that the prices shouldn't jump as much as they did over the past couple of years. London cocoa futures are trading at PS2,944 per ton ($3,964), down...

Early trading on Monday saw oil prices rise by more than 2 percent after Israel ordered troops to advance further into Lebanon, in the midst of a battle against Hezbollah, an Iranian-backed militant group. This was despite a ceasefire that had been announced more than six weeks earlier. U.S. crude?futures?rose by $2.37, or 2.71%, to $89.73 per barrel as of 0028 GMT. Brent futures increased $2.16, or 2.37%, to $93.28 per barrel. This increased fighting came just days after the U.S. held Israeli-Lebanon talks in Washington, and dimmed expectations of a U.S.-Iran ceasefire agreement extension. Brent and WTI had both...

Bola Ahmed Tinubu, the Nigerian president, said that his economic reforms had stabilised the nation and re-invigorated investor confidence despite a severe cost-of-living pinch on households three years after he assumed office. Tinubu is running for re-election in January and cited the near fivefold increase in stock prices to a record level of 250,000 points. He also cited an increased market capitalisation, as well as a rise in infrastructure spending. This included more than 2,700 km (1.678 miles), worth over $2 billion, on roads that are under construction or rehabilitation. Tinubu’s reforms – scrapping an expensive petrol subsidy, reducing electricity...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

According to court documents, Nigeria's state 'oil' firm NNPC accused Dangote 'Petroleum 'Refinery' of trying to limit competition and expose Nigeria's fuel markets to monopoly by challenging import licenses issued to competitors. In a defense filed before the Federal High Court of Lagos, NNPC stated that granting Dangote’s request?to void import permits or restrict them would expose Africa’s largest oil producer?to supply disruptions, price instabilities?and risk to national energy security. The Nigerian Midstream and Downstream Petroleum Regulatory Authority has filed a request to?join in the case. This will increase the legal battle regarding import policy and the market position of...

Senegal could see its fuel subsidy bill exceed the budget for 2026 by as much as $115 per barrel if oil prices rise during the Iran War, said Finance Minister Cheikh Diba on Friday. Premier Ousmane sonko stated that this level would represent a fifth or less of the budget. Diba said that the prime minister turned down his request to increase fuel prices in order to share the financial burden with him when the Iran Crisis erupted and oil prices soared. Senegal’s $40 billion economy is in turmoil since the end of 2024 when the newly-elected government revealed debts...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

South32, an Australian company, announced on Wednesday that it had agreed to sell the'majority' of its aluminium assets for up to $5.6 billion. Alcoa acquired the individual interests of the diversified mining company in Australia's Worsley Alumina, South Africa’s Hillside Aluminium and Brazil's MRN Bauxite Mine, Brazil Alumina Refinery, and Brazil Aluminium Smelter. South32 said that the U.S. aluminium giant will also assume rehabilitation provisions of around $1.2 billion. Matthew Daley, the new CEO, said that "our business will be simpler, with a portfolio of upstream operations with higher margins, reduced complexity, and greater resilience." This will allow for a...

CopperTech Metals announced a delay in its U.S. initial public offering on Tuesday. The company cited volatility in the global copper equity sector. Postponement is despite a resurgence in investor appetite for new listings. This has been bolstered by buoyant equity market and several blockbuster initial public offerings. Copper prices are volatile due to the expectations of new U.S. Tariffs, and the supply restrictions that will be imposed in response to the surge in AI-related demand. After a review, U.S. commerce secretary Howard Lutnick will?update the president on the refined copper?market and domestic refining capacity on Tuesday. Global X Copper...

Guinea's mines minister said that the country aims to be a regional hub for gold refining. This is part of a wider push by West African producers to 'process bullion locally instead of exporting it into the Middle East. Gold prices are high, and the move aims to preserve more value for consumers at home. Bouna Sylla, Mines Minister Bouna Sylla said over the weekend that there was no problem if each country (in West Africa) had a refinery. "If you are not competitive in the market, your refinery will either fail or succeed due to economics and not politics."...

An executive at South Africa's Sibanye Stillwater said that the company expects the?mined?platinum production to fall 15% by 2034 from current levels. The market is also tightening due to a slower-than-expected uptake of electric cars. The use of platinum in autocatalysts is under threat by the increasing number of electric cars, which don't need emission control devices. South African miner, who accounts for 70% of the global platinum production, are hesitant to add new production because they're uncertain about long-term demand. This leads to a decline in output as mineral deposits deplete. Kleantha Pillay is Sibanye’s executive vice-president for sales...

CopperTech Metals aims to raise up to $3.57 'billion? in its U.S. IPO, joining a 'wave' of companies aiming for the crowded IPO market this summer. It said that the U.S. copper and cobalt company is looking to raise up to $423.5 by selling 23.5 million shares at a price between $16 and 18 per share. After a short lull, the IPO market is now booming. The stock markets are bouncing back and investors' appetite has increased. This week, e-bike startup Lime and silver?miner Sinda launched their U.S. initial public offerings. ITG, a digital infrastructure company, and Italian technology company...

Guinea, a country in West Africa, is now the world's largest producer of bauxite - the raw material that ultimately becomes aluminium. It is now trying to use its newfound dominance in order to exert greater control over price and industry structure. Just as Indonesia did in nickel, and the Democratic Republic of Congo in cobalt. Three resource giants struggle to control mining sectors which have?grown too large too fast, flooding global markets and crashing the prices. Indonesia uses mining quotas. The Congo has export quotas. Guinea is considering a combination of the two to stop operators from exporting more...

A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret...

A Zimbabwean executive revealed on Thursday that the Mimosa Platinum Mine, owned jointly by Impala and Sibanye Stillwater in Zimbabwe, has revived its $130m North Hill Life-extension Project after a recovery in metal prices. Mimosa, Zimbabwe’s second-largest?platinum manufacturer after Impala’s Zimplats suspended the project in 2020 as prices plummeted amid destocking and weak automotive demand, with expectations of rapid adoption of electric vehicles. The price of platinum group metals, used as autocatalysts, has recovered since then. This is due to a tight supply coming from the top producer in South Africa. Mimosa is looking at an extension of its mine...

According to the 'production reports' made available to journalists on Friday, Zimbabwe's state owned gold mining company Mutapa Gold Resources plans to double its annual output to 220,000-ounces-worth by 2029. This is after it secured?funding? for an expansion project. According to documents, Mutapa, the largest gold producer in the country, produced 104,626 pounds of gold during the financial year ending March 31. This is a 10% drop from the previous year, mostly due to lower quality. The company announced that it had received $75 million in funding from?Zimbabwean bankers, about half of the required amount for its Shamva Hill project....

Director?general of mines for Ivory Coast, the West African country, said that gold production is expected to increase from 59.33 tonnes in 2025 to 62 metric tonnes in '2026 as existing?mines expand their operations. Seydoucoulibaly predicted that production would increase to 63 tonnes in 2027, and to around 69 tonnes in 2028. There are currently 14 gold mines operating in the world's leading cocoa producer. He said that the number of gold mines in operation will increase to 15 within two years, with the Kone mine coming online, and 17 in three, when the Doropo mine and the?Tanda Mine come...

Three sources with knowledge of the matter said that Sumitomo Corp provided financing to buyers of its 54% stake in Madagascar’s Ambatovy Nickel operation. This helped the company exit the losing project. Three sources familiar with the matter said that Sumitomo Corp, which invested $3 billion over 20 years in Ambatovy and has incurred $2.5 billion cumulative losses, provided financing to buyers of its 54% stake in Madagascar's Ambatovy nickel operation, smoothing their exit from the loss-making project. Sumitomo funded this transaction, while still retaining certain nickel offtake rights. "It needed someone to solve the problem for them," said one...

A conservation group reported that wildlife experts discovered eight new species of dragonfly in Angola, along with three unknown grasshoppers, and 60 vibrant-colored butterflies and moths. The Wilderness Project visited four major African rivers that feed off the water flowing through the plateau: the Congo River, Okavango River, Zambezi river, and Cuanza. The new species include an armoured predatory cricket, a copper caterpillar species and its adult butterfly that was previously unknown, as well as a crowned spider fluoresces when exposed to ultraviolet light. Experts have also discovered a 'new blood orange-hued ladybird orb web spider that mimics ladybirds to...