Africa

IIR Energy, an industry watchdog, said that the Dangote oil refining plant in Nigeria, which is one of the largest refineries in the world, will operate its gasoline production unit with reduced output until October due to a series of problems in recent months. The 650,000-barrel-per-day (bpd) refinery, which opened last year, is currently running its 204,000 bpd gasoline-producing residual fluid catalytic cracking (RFCC) unit at about 70% of capacity, IIR said. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of the unit, and again from May 15 through May...

The Nigerian president Bola Tinubu signed an executive order that introduces a framework based on performance for operators in the oil sector. This is designed to tie tax incentives to cost savings that can be verified. The new Upstream Petroleum Operations cost Efficiency Incentives order 2025 will provide tax relief to operators who implement cost reductions that are industry standard in shallow-water, onshore and deep-offshore fields. The tax credit will not exceed 20% of the operator's tax liability. Tinubu stated in a press release that "This Order sends a message to the world: We are building an efficient and competitive...

The 650,000-barrel-per-day (bpd) Dangote oil refinery in Nigeria is expected to operate its gasoline-making unit at reduced rates through October after a string of issues in recent months, industry monitor IIR Energy told . About 70% of the capacity of the refinery's residual fluid catalytic (RFCC) unit, which produces 204,000 bpd of gasoline, is being used. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of it, and again from May 15 through May 25 because of a mechanical problem. IIR stated that the full rate of production is not expected...

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

Patrick Pouyanne, the chief executive of TotalEnergies, defended his company's involvement in oil projects in East Africa after a U.N. independent human rights expert stated that the French firm must address new allegations of abuses. Michel Forst, Special Reporter on Environmental Defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. This decision followed the decision of German asset manager Union Investment, which dropped TotalEnergies bonds and shares from their sustainable investment funds due to this issue. Pouyanne spoke out against the...

An independent U.N. expert on human rights said that TotalEnergies should urgently address new allegations of abuses in its controversial oil pipeline project, which is located in East Africa. This was made ahead of Friday's annual shareholders meeting of the French energy company. Michel Forst, Special Rapporteur for environmental defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. The news broke that German asset manager Union Investment dropped the bonds and shares of the company from its sustainable investments funds. Union...

In a joint statement, the Angolan government and Chevron said that 17 people, including four serious injuries, were injured when a fire broke in the early morning hours of Tuesday on the deep-water Benguela, Belize, Lobito, Tomboco oil platform. Investigations are currently underway to determine the cause of a fire that occurred on the basement level of the multi-storey production platform of Block 14 in the Block 14 concession, some 60 miles (97 kilometers) off the coast of Cabinda. Angola's National Agency for Petroleum, Gas and Biofuels issued a statement referring to the injured. Chevron stated that the incident took...

On Friday, hundreds of Libyan demonstrators called for the removal of Abdulhamid Dbeibah as the internationally recognized prime minister. At least three ministers also resigned to show their support. Demonstrators gathered on Martyrs' Square, Tripoli. They chanted slogans like "The nation wants the topple of the government" or "We want elections." The protesters then marched on to the main building of the government in the center of the city. One protester declared, "We will not leave until he leaves." The marchers carried photos of Dbeibah, National Security Advisor Ibrahim Dbeibah and interior minister Emad Tarbulsi in which their faces were...

Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health...

According to IIR, Nigeria's Dangote Oil refinery has cancelled maintenance for June at its 204,000 barrels of gasoline per day unit because it completed planned work during an unplanned shut-down from April 7 to 11th. According to Kpler, a shipping trade analytics company, during the unplanned outage the Dangote Refinery increased its exports for residual products, such as straight-run fuel oil, but decreased exports for finished products, such as jetfuel and gasoil. Kpler data shows that Nigeria's fuel imports increased by 24% in April, to 157,000 barrels per day. Dangote originally planned to close its gasoline-making residue liquid catalytic Cracking...

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital follow battles that seemed to consolidate Abdulhamid al-Dbeibah's power as prime minister of the divided government of National Unity (GNU), and an ally of Turkey. Any prolonged fighting in Tripoli could attract factions outside of the capital. This could lead to...

Witnesses in Tripoli said that the most intense clashes since years continued through Wednesday morning after Monday's death of a key militia leader sparked fighting between rival groups. The United Nations Libya Mission UNSMIL expressed its "deep alarm" at the violence escalating in Tripoli's densely populated areas and called for an immediate ceasefire. The latest unrests in Libya's capital may consolidate Abdulhamid al-Dbeibah's power. He is the prime minister of the divided Government of National Unity of Libya (GNU), and an ally of Turkey. Libya has seen little stability since an uprising in 2011 backed by NATO ousted Muammar Gadaffi,...

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over new mining laws aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold prices....

Four sources have confirmed that Barrick Mining removed the Mali gold complex's output forecast from 2025. This is a result of a two-year dispute with West African authorities over a new mining law aimed at increasing revenue. The Loulo-Gounkoto complex, one the Canadian miner’s largest assets in Africa, has been closed since January. This is because the military-led government of Mali blocked gold exports, detained employees and seized 3 metric tons during separate negotiations for a new mining agreement with Barrick. Both sides are hoping to make at least $1 billion in revenue this year, thanks to the record-high gold...

In an interview with its CEO on Monday, Allied Gold said it could consider other options for a deal to supply power at its Sadiola Mine in Mali due to the surge in gold prices. In February, the gold miner had signed an agreement with UAE-based Ambrosia Investment to give Ambrosia Investment a 50% stake of the mine for the installation of a new system which would have reduced the costs. Ambrosia was supposed to pay Allied Gold $500 million and $250 million upfront in cash. The deal has not yet closed. Peter Marrone, CEO of Allied Gold, said that...

Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few...

International Resources Holding, based in the UAE, has agreed to purchase a controlling interest in Alphamin Resources, a major tin producer in Africa. The deal is valued at C$503million ($367million), and comes as it expands its presence on the continent. IRH, a division of International Holding Co., has entered into an agreement with Tremont Master Holdings to purchase a 56% share in Alphamin for C$0.70 or approximately $367 million. The companies announced the deal in a joint press release. Alphamin's Bisie mine is located in eastern Democratic Republic of Congo, an area rich in tantalum and tungsten, as well as...

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

The United States announced on Tuesday that it would not double steel and aluminum tariffs on Britain. This announcement came hours after the UK Government said that the two countries had agreed to a deal on tariff relief as soon as possible. The U.S. announcement that exempts British aluminum and steel from a 50% tariff increase came in a Tuesday proclamation by U.S. president Donald Trump. The U.S. trade representative Jamieson Greer and British Trade Minister Jonathan Reynolds met on Tuesday in Paris during an OECCD meeting. A spokesperson for the UK government said: "The UK was first to secure...

Ivanhoe Mines announced on Monday that it will restart a closed section of the Kakula Copper Mine in the Democratic Republic of Congo, which was shut down due to underground seismic activity. After tremors damaged underground infrastructure and caused flooding, the Canadian miner temporarily halted operations at its Kakula mine. Ivanhoe said it plans to resume operations in the west side of the Kakula Mine, where the pumping equipment has been working. Ivanhoe stated that the eastern section of mine will resume operation once the water pumping is complete. Ivanhoe's shares in Toronto rose by as much as 7.7%. After...

The registry office of a Malian court and one of the lawyers concerned told reporters on Monday that the hearing to determine whether Barrick Mining's Loulo-Gounkoto Gold Complex should be placed under temporary administration has been adjourned until Thursday. If granted, this would be a significant escalation in the dispute between the West African nation and the Canadian miner. Operations at the complex had been suspended in January due to a disagreement over taxes and ownership. Barrick Mining (formerly Barrick Gold) and Mali’s military-led Government have been at odds over the implementation of the new mining code since 2023. The...

Mmetla Msire, the managing director of Botswana’s Okavango Diamond Company, said that it plans to begin contract gem sales in September. This is part of a new marketing agreement with De Beers, which will diversify its sales channels. ODC's allocation in Debswana, its joint venture 50-50 with De Beers, was increased from 25% to 30% under the new agreement. It aims to sell around 40% of its supplies through contracts. The balance will be sold through auctions and strategic partners, as well as Botswana companies. ODC currently sells a majority of its diamonds through online auctions. These are typically held...

Analysts and traders agree that the prospects for iron ore price are improving due to a smaller than expected global surplus in this year. However, new supply coming from the massive Simandou project, located in Guinea, remains a downside risk on a longer-term basis. More than a dozen analysts and traders interviewed at this week's Singapore International Ferrous Week said that their forecasts of oversupply for this year have been reduced from 50,000,000 tons to between 20,000,000 and 30,000,000 metric tons. The reason is that demand has been resilient this year, thanks to strong steel exports. Buyers stocked up on...

Valterra Platinum, the largest miner by value of this metal in the world, completed a spinoff from its parent company Anglo American on Wednesday. The shares of the company opened lower on the Johannesburg Stock Exchange, before changing direction during a volatile session. Anglo has demerged the Johannesburg-based Platinum Group Metals (PGM) manufacturer, formerly called Anglo American Platinum. It is shifting its focus to iron ore and copper. Craig Miller, CEO of Valterra, said that the company would continue to focus on maximizing value within its portfolio and maintaining standards set during its time in the Anglo group. Miller stated...