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Oil & Gas

Oil & Gas

East African bloc calls on South Sudan to release arrested officials

As part of their efforts to prevent the recent escalating tensions between factions from turning into a new war, a group of East African countries called on South Sudan's Government to release officials detained and lift security measures. South Sudan is officially at peace after a 2018 deal that ended a five year civil war in which forces loyal to President Salvakiir fought against those loyal to First Vice President Riek Machar, and nearly 400,000 died. The relationship between the two rivals who have dominated the political scene of the oil producer for decades remains strained. Many people believe that...

Oil & Gas

How severe is Mozambique's monetary crisis?

Mozambique's global bonds toppled previously today after a report that the new government in Maputo is weighing a financial obligation restructuring following months of postelection chaos. Below are a few of the issues dealing with the resource-rich southern African country of 35 million people. WHAT IS MOZAMBIQUE'S FINANCIAL OBLIGATION CIRCUMSTANCE? Concerns about federal government finances have actually been installing in current years due to an Islamist revolt in northern Mozambique that has actually postponed plans to establish substantial gas fields. Although Mozambique's public debt-to-GDP, was up to 93.7% in 2023 from 100.3% the previous year, it is categorized by the...

Oil & Gas

Mozambique not looking to examine regards to planned LNG tasks, president says

Mozambique is not wanting to evaluation agreement terms with energy majors like TotalEnergies and ExxonMobil who are preparing multibilliondollar liquefied gas projects in the country, its new president stated on Friday. Daniel Chapo of the longruling Frelimo celebration took office on Wednesday, following months of opposition protests against his disputed election victory in which civil society groups say more than 300 people have been eliminated. The Southern African nation's government is relying on the energy tasks by TotalEnergies, ExxonMobil and others to revolutionise its tiny economy and put unstable public financial resources on a surer footing. Describing TotalEnergies' $20 billion...

Climate Change

Peru declares ecological emergency situation after oil spill

Peru's government on Thursday stated an ecological emergency situation in a northern coastal area, where state oil company Petroperu last weekend spilled a crude oil delivery into surrounding waters of the Pacific Ocean. A vessel carrying out pre-shipment maneuvers triggered the spill on Saturday at a terminal of Peru's Talara refinery in northern Peru. Petroperu has actually not stated how much crude was spilled into the sea, however Peru's ecological watchdog OEFA stated in a. preliminary report it has affected some 10,000 square meters of. surface seawater, and the environment ministry said it has. impacted a minimum of seven beaches,...

Oil & Gas

Kenya extends petroleum supply deal with Gulf firms

Kenya has actually further extended an oil supply deal with 3 Gulf firms that has helped to eliminate pressure on its shilling currency, it stated on Tuesday. The handle Saudi Aramco, Abu Dhabi National Oil Business and Emirates National Oil Company was at first agreed in March in 2015 and was extended in September 2023 until this month. The Cabinet said in a declaration outlining choices made in its most current meeting that it had actually approved another extension, however did not state for how long it would run. Products from the three firms permitted Kenya to switch from the...

Oil & Gas

Kenya near agreeing $1.5 bln budget support loan from UAE - source

Kenya's federal government is close to agreeing a $1.5 billion loan from the United Arab Emirates with an interest rate of 8.2% which will help bridge the East African country's financing gap, a source knowledgeable about the situation told Reuters. Kenya is diversifying its sources of spending plan support, said the source, including the offer is as great as done. The UAE ministry of financing and the UAE central bank did not instantly react to a request for comment. Kenya's Financing Minister John Mbadi and other senior officials at the ministry were not immediately readily available for remark. The nation's...

Oil & Gas

Petroleum production to thrust Uganda's economic growth into double digits - IMF

The start of business petroleum production in Uganda is expected to propel economic development into double digits in the next financial year, the International Monetary Fund (IMF) stated. Uganda's economy would race to 10.8% development in the 2025/2026 which starts in July, up from a projection of 6.2%. in the previous period, the IMF said in a report published late. on Wednesday. Growth is anticipated to reinforce, boosted by the start of. oil production, which will make (a) lasting improvement (to) the. fiscal and bank account balances, the IMF stated in the. report. After nearly 20 years of hold-up, the...

Pollution

United States enforces visa restrictions South Sudan individuals, State Dept states

The United States is imposing visa constraints on members of the government and others who have actually obstructed humanitarian help to the country by taxing deliveries, the State Department said on Friday. South Sudan, where hundreds of countless people died as a. outcome of civil war from 2013-2018, is experiencing among the. world's worst humanitarian crises as a result of consistent. dispute, natural catastrophes and poverty. U.N. objectives there have said South Sudanese authorities are. holding up United Nations fuel tankers over a tax disagreement,. endangering the delivery of countless dollars of aid throughout a. humanitarian crisis. Despite assurances, the...

Oil & Gas

Malaysian energy giant Petronas takes legal action against South Sudan over local possessions deal

Malaysian state-owned energy giant Petroliam Nasional > said on Monday its system had actually initiated procedures against South Sudan for supposedly obstructing a $1.25 billion sale of its regional possessions and instead taking over business. The company, likewise called Petronas, announced on Aug. 7 it would leave South Sudan after running operations in the nation for around 3 decades. It was in talks to sell the local properties to Britain's Savannah Energy, however the oil and gas company took out of the offer on the exact same day. South Sudan's state-run Nile Petroleum then took control of the local oilfield...

Oil & Gas Exploration

Malaysia's Petronas withdraws from South Sudan amidst financial investment shift

Malaysian state energy company Petroliam Nasional (Petronas) stated it will withdraw from South Sudan as it customizes its investment strategy to company conditions. The decision was made following a two-year duration of divestment initiatives in positioning with Petronas' long-term investment method amidst the changing market environment and accelerated energy shift, the firm stated in a statement late on Wednesday. Subsidiary Petronas Carigali Nile will deal with stakeholders to make sure a friendly shift, it stated. After the Petronas statement, Britain's Savannah Energy said it has actually taken out of a $1.25 billion purchase of Petronas's oil and gas business in...

Oil & Gas

South Sudan vengeance attack stimulated by cattle raid eliminates 17

A vengeance attack triggered by a cattle raid previously this month has actually eliminated a minimum of 17 individuals in northern South Sudan and required oil workers to evacuate from the Toma South oil field, a local authorities said on Monday. Livestock raiding connected to competition for limited resources is one of the main triggers of dispute in between ethnic groups in South Sudan, which is awash with weapons after decades of war. The combating started on Saturday in a Khat Elnar village in the Ruweng Administrative Area, where federal government officials were attempting to fix concerns over a previous...

Oil & Gas

Vengeance attack sparked by cattle rob kills 17 in northern South Sudan

A revenge attack set off by a cattle rob previously this month has actually killed a minimum of 17 individuals in northern South Sudan and forced oil employees to leave from the Toma South oil field, a local official said on Monday. Cattle raiding linked to competition for limited resources is among the primary triggers of dispute in between ethnic groups in South Sudan, which is awash with weapons after decades of war. The combating began on Saturday in a Khat Elnar town in the Ruweng Administrative Location, where federal government officials were trying to solve problems over a previous...

Fossil Fuels

Fossil Fuels

Germany temporarily closes its embassy in South Sudan amid civil war fears

The German Foreign Ministry announced on Saturday that the embassy had temporarily been closed in Juba, the capital of South Sudan. This was due to rising tensions which have brought this East African nation to the brink of civil war. Salva Kiir, the president of South Sudan, sacked this week the governor of Upper Nile State, where escalating clashes between government troops, and an ethnic militia he claims is allied with his rival First Vice President Riek Makar, have taken place. The standoff has raised concerns that the world’s newest nation, which emerged from a civil conflict that claimed hundreds...

Fossil Fuels

South Sudan withdraws partially from peace process

Major party in South Sudan’s coalition government announced on Tuesday that it had suspended its participation in a key part of a 2018 deal to end violence and improve relations between Riek Machar, its leader, and President Salva Kir amid clashes. The agreement ended a 5-year war between forces loyal both to Kiir, and Machar who is now the First Vice-President of the SPLM-IO. The two men do have a fractious relation, and it has gotten worse in recent weeks after clashes occurred in the east of the country. Earlier this week, security forces arrested several SPLM-IO leaders, including the...

Fossil Fuels

EU sanctions Rwandan officers and M23 rebels for Congo violence

An official EU Journal publication revealed that the European Union sanctioned nine people, including the leader of Congo’s M23 rebel group and Rwandan army officials, for violence in the Democratic Republic of Congo. Since January, the Tutsi M23 rebels led by the Rwandan genocide of 1994 and the struggle to control Congo's minerals have escalated a long-running war. On the list of sanctions are M23 leader Bertrand Bisimwa and commanders from Rwanda's army - the Rwanda Defence Force. Also on the list is the M23 appointed governor for Congo's North Kivu Province. Bisimwa and a Rwandan Government spokesman did not...

Mining

Mineral Resources

Mineral Resources

East Congo ceasefire is troubled as rebels remain in strategic town

The de facto ceasefire that had been agreed between Congolese and Rwandan rebels in Walikale, a town located in eastern Congo, appeared to have collapsed on Monday. The rebels reneged on their promise to withdraw from the area and accused the army of breaking its own promises. The M23 rebels are hopeful about a possible ceasefire in Walikale. Captured last week The hope that diplomatic efforts would be revived to end the largest conflict in eastern Democratic Republic of Congo for decades was briefly sparked. This conflict is rooted in the long-lasting fallout of the 1994 Rwandan genocide and the...

Mineral Resources

Angola will end its mediation role in the east Congo conflict, says the presidency

Angola is stepping down as the mediator for parties in an intensifying Rwanda-backed rebel offensive against eastern Congo. A different African country will now take over to help bring peace talks back to track, announced the presidency on Monday. M23, led by ethnic Tutsi, has escalated its long-running rebellion in this year. They have taken control of east Congo's largest cities since January. Angola President Joao Lurenco, who is currently rotating African Union (AU), has tried to mediate a ceasefire lasting and reduce tensions between Congo, and Rwanda, the neighbouring country, which was accused of supporting M23. Rwanda denies that....

Mineral Resources

Copper falls from its fresh peak following downbeat Chinese data

Copper prices fell from their five-month high on Friday as concerns about U.S. Tariffs and disappointing data from China, the world's largest metals consumer, dampened purchasing activity. The benchmark three-month copper price on the London Metals Exchange rose 0.1% to $9,797 per metric tonne by 1030 GMT. It had previously reached $9,850 a metric tonne, its highest level since October 9. Prices fell after the new lending by banks in China in February was lower than expected from its record high of the previous month. Nitesh Sha, a commodity strategist with WisdomTree, said that the price of copper would be...

Mineral Resources

Shanghai tin price jumps after Alphamin stops mining in Congo

Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110...

Mineral Resources

Alphamin shares fall as the company temporarily stops tin-mining in Congo's East

Alphamin Resources' shares fell further in Toronto on Friday after the miner announced that it had temporarily stopped its tin mining operations in the volatile eastern region of the Democratic Republic of Congo as rebels advanced toward the operations. Early trading in Toronto saw a drop of up to 36%. Alphamin shares have fallen 52% this year according to LSEG. The company announced that activities at the Bisie tin mining site in Congo's North Kivu were halted after "insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo," according to a statement. Alphamin stated that "all...

Mineral Resources

LME Tin Jumps After Alphamin Temporarily Stops Operations at Bisie Mine in Congo

Alphamin Resources announced that it will temporarily stop operations at its Bisie Tin Mine in the Democratic Republic of the Congo because of unrest in North Kivu Province. The London Metal Exchange's (LME) soldering metal prices were up 3.3% to $34,530 per metric ton by 1401 GMT, after reaching $34,815 per ton - the highest price since July. Alphamin produced over 17,000 tons last year of the metal that is used in semiconductors. This represents more than 4% global total supplies, estimated to be around 380,000 tonnes. Alphamin stated in a press release that "this decision was taken after insurgent...

Mineral Resources

Tigray officials warn that Ethiopia and Eritrea are on the path to war

Officials in an Ethiopian region at a centre of tensions warned that Ethiopia and Eritrea, long-time enemies, could be heading towards war. This would risk another humanitarian catastrophe in the Horn of Africa. Analysts said that direct clashes between the two largest African armies could be the death blow to a historic rapprochement, for which Ethiopian Prime Minister Abiy Abiy Ahmed was awarded the Nobel Peace Prize for in 2019. It may also attract other regional powers. This would likely cause another crisis in the region, where cuts in aid have made it difficult to help millions of people affected...

Mineral Resources

Angola's presidency has announced that it will try to broker direct negotiations between Congo and M23.

Angola announced on Tuesday that it will attempt to broker direct negotiations between the Democratic Republic of Congo (DRC) and Rwanda-backed M23 M23 rebels within the next few days. The Congolese government has refused to engage in talks with M23 on numerous occasions and so far, there is no comment. The Southern African nation has been working to mediate for a long-lasting ceasefire, and deescalate tensions with Rwanda. Rwanda has been accused by the Congo of supporting the Tutsi rebel group. Rwanda denies that it has provided arms and troops to the M23 rebels and claims its forces are acting...

Mineral Resources

After a deadly attack on civilians, the violence in eastern Congo continues

Residents reported that fighting between M23 rebels, and pro-Congo forces, was taking place in Nyabiondo on Sunday, 100 km north of Goma, in the eastern Congo. This comes days after an attack in the area left many civilians dead, according to both UN and NGO reports. Since the beginning of this year, the Rwanda-backed M23 rebel group has taken over large areas of the mineral-rich east of Congo. Kipanda Bibiiri, a local official who was fleeing from the area, said that M23 had taken Nyabiondo at 11 a.m. (0900 GMT) following clashes. Telesphore Mitondeke is a civil society reporter in...

Mineral Resources

After a deadly attack on civilians, the violence in eastern Congo continues

Residents reported that fighting between M23 rebels, and pro-Congo armed militias, was taking place in Nyabiondo on Sunday, 100 km north of Goma, in eastern Congo. This comes days after an attack in the area left many civilians dead, according to both UN and NGO reports. Since the beginning of this year, the Rwanda-backed M23 rebel group has taken over large areas of mineral-rich eastern Congo. Kipanda Bibiiri, a local official who was fleeing from the area, said that M23 had taken Nyabiondo at 11am (0900 GMT) following clashes. Telesphore Mitondeke is a civil society reporter in Masisi. Nyabiondo lies...

Mineral Resources

Andy Home: Tin bulls retreat as Myanmar flags the return of a key mine

The Wa State in Myanmar, a semiautonomous region, has finally broken a year-long silence about the fate of Man Maw Tin Mine. The mine is a jewel in Myanmar's crown of tin and its suspension, since August 2023 ostensibly to conduct an audit, has cut the flow of raw tin materials into Chinese smelters thereby reducing the output of refined metal. The Wa authorities now say they are ready for applications to be submitted for mining and processing licenses at Man Maw. This indicates that it is likely to return in the second half of this year. The International Tin...

Mineral Resources

Andy Home: Tin bulls retreat as Myanmar flags the return of a key mine

The Wa State in Myanmar, a semiautonomous region, has finally broken a year-long silence about the fate of Man Maw Tin Mine. The mine is the crown jewel of Myanmar's tin industry. Its suspension in August 2023 - ostensibly to conduct an audit - has reduced the flow tin materials from Myanmar to Chinese smelters and thereby constrained the output of refined metal. The Wa authorities now say they are ready for applications to be submitted for mining and processing licenses at Man Maw. This indicates that it is likely to return in the second half of this year. The...