West Africa

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Nigeria and the United States signed an agreement on Friday to repatriate about $52.88 million in possessions forfeited by previous Nigerian oil minister Diezani AlisonMadueke and her partners. The agreement breaks the ice for the first repatriation to Nigeria of properties outside the West African nation linked to Alison-Madueke. Nigerian Justice Minister Lateef Fagbemi stated the arrangement with the U.S. enables the repatriation of approximately $52.88. million arising from the loss of the Galactica assets,. linked to the previous Petroleum Resources Minister Diezani. Alison-Madueke and her partners. The agreement follows a 2017 civil grievance filed by the. U.S. Justice Department...

Nigeria has actually stepped up its drive to punish oil theft in the Niger Delta region as it goals to increase nationwide production to 3 million barrels per day in 2025. Africa's leading oil manufacturer, which relies on the commodity for around two-thirds of state earnings and more than 90% of foreign currency revenues, has been struck by large-scale oil theft that has curbed government financial resources in the last few years. While the government estimates oil output at around 2.06 million barrels each day (bpd) in next year's budget plan, actual production hovers around 1.8 million bpd, according to...

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

Nigeria's Dangote Refinery is now operating at 85% capability and is on course to provide Europeanstandard items by January, an executive said on Friday. The 650,000-barrel-per-day Dangote oil refinery constructed by Nigerian billionaire Aliko Dangote in Lagos intends to compete with European refiners when operating at complete capability however had actually been having a hard time to protect enough crude in your area. We have actually increased to 550,000 bpd, that is 85% capability in unrefined distillation, Edwin Devakumar, head of the refinery, told Reuters. The refinery was required to source crude from global markets following a dispute with the...

The Nigerian government's plan to offer unrefined priced in the regional currency is failing, with refiners, including the giant Dangote Oil Refinery, saying they are still not able to protect adequate materials. To address obstacles in accessing foreign currency, the government in July stated it would sell crude priced in naira to local refineries for an initial six months starting in October. We need 650,000 barrels each day, (state oil company NNPC Ltd). consented to provide a minimum of 385,000 bpd however they are not even. delivering that, stated Edwin Devakumar, head of the Dangote. refinery. The refinery constructed by...

Nigeria's state oil firm NNPC stated on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to 2 million bpd by yearend. Oil production at Africa's leading crude exporter was approximated at 1.3 million bpd in October, according to manufacturer group OPEC's newest report. Nigeria frequently counts condensate production of around 250,000 bpd as part of its production. The NNPC stated the boost was an outcome of collective efforts with its joint endeavor operators and its partners on production-sharing agreements, along with security firms and the federal government. The group has...

The Dangote Oil Refinery has capability to produce winter season diesel for the European market, an executive stated on Tuesday, a more sign of its capacity to disrupt the global refining market. The refinery developed by Nigerian billionaire Aliko Dangote on the borders of Lagos is expected to hit production of 550,000 barrels daily (bpd) this year, equivalent to 85% of its 650,000-barrel capacity. It started operations in January with output of products consisting of naphtha and jet fuel and started processing gas in September. We will have surplus production for export in all our items - gas, diesel, jet...

Nigeria's Dangote oil refinery has a stockpile of 500 million litres of fuel, its billionaire creator stated, countering claims by online marketers who asserted they required to supplement Dangote's supplies with imports to meet fuel lacks. Nigeria's President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday. The function was to examine a policy requiring NNPC to offer petroleum to the Dangote refinery in local naira currency in an effort to ease forex pressure and help the mega refinery safe sufficient crude to meet...

The following are the leading stories in the Financial Times. Reuters has actually not verified these stories and does not attest their accuracy. Headings - Volkswagen fined by UK regulator for treatment of consumers in monetary problem - Nigeria declines Shell's planned sale of $1.3 bln onshore production system - UK will offer $3 bln towards G7 loan for Ukraine - UK workers' rights reforms to cost services 5 bln pounds a year - Serious Scams Workplace probes ₤ 112mn hotel developed by leading UK trade union Introduction - UK's monetary regulator, the Financial Conduct Authority, on Monday fined Volkswagen...

Nigerian fuel traders are increase gas imports to enhance supply from the Dangote Refinery following getting worse fuel lines, the head of a local traders group said on Thursday. The Dangote Refinery began processing gas in September, with strategies to supply a preliminary 25 million litres day-to-day and slowly increase output to the 35 million the business believes would please regional need. Our members have actually been importing petrol for weeks to satisfy the shortfall from the Dangote Refinery, said Clement Isong, CEO of the Major Energies Marketers Association of Nigeria. Other traders grouped under the Independent Petroleum Online marketers...

A head of a union in the industry said that 43 people, mainly women, died after a gold mine collapsed on Saturday in western Mali. Taoule Camara of the National Union of Gold Counters and Refineries (UCROM) said that the accident occurred near the town Kenieba, in Mali's richly gold-rich Kayes Region. He said that the women were looking for gold in open pits left by industrial miner to find scraps when they fell into the earth. The spokesperson for the Mines Ministry confirmed that the accident occurred between Kenieba Dabia but refused to provide further details, as the ministry...

The Mali government announced that Canadian miner Robex had signed a new contract with the country to operate the Nampala mine located about 300 km south of Bamako. The mine has been operated by the company since 2017, but the new mining codes of Africa's 2nd largest gold producer require international companies to pay more taxes and give up larger stakes in assets. Robex, a company that has expressed its discontent with the new legislation by stating in September that it wanted to sell Nampala but had not yet received a reasonable offer. In a statement released by the Mali...

Gold companies will have to loosen up the new Mali mining law that raises taxes, and aims to give large stakes of assets to local investors and the state. The new rules require companies in Africa's 2nd largest gold producer to give a 35% stake of their new projects to Malian Investors - an increase from the previous 20% - and to raise royalty tax to 10% from around 6%. Three gold mining CEOs from West Africa spoke on the sidelines at the African Mining Indaba, which was held in Cape Town. They said that the new rules made it...

Democratic Republic of Congo has actually launched a probe into the embezzlement of over $300. million from state miner Gecamines between 2012 and 2020, the. justice ministry stated in a statement on Saturday. Gecamines, which holds minority stakes in several of the. world's biggest copper and cobalt projects, has actually long been dogged. by allegations of corruption made by non-governmental. organisations and opposition politicians. Congo's public financial resources watchdog, the General Inspectorate. of Financial Resources (IGF), discovered in 2022 that more than $400 million in. tax advances and loans that Gecamines said it paid to the. nationwide treasury might not...

About 3 metric tons of gold taken by authorities in Mali from Canadian miner Barrick Gold's. LouloGounkoto mining complex is now being held at Malian. stateowned Banque Malienne de Solidarite (BMS), two sources. told Reuters. Reuters reported on Monday that, in an escalation of their. long-running dispute with the company, Malian authorities had. seized gold worth $245 million to be transferred to BMS in the. capital Bamako. Barrick on Tuesday verified it had actually suspended operations in. the West African country which the federal government had moved gold. stock from the miner's Loulo-Gounkoto site to an unnamed bank. Eyewitnesses at...

Mali's federal government has started enforcing a provisional order to seize gold stock at Barrick Gold's LouloGounkoto website, the Canadian miner stated in a. note to Malian personnel, cautioning once again that it may have to suspend. operations at the complex. The move suggests that Mali's military-led authorities. are not ready to back down in a standoff over a contract based on brand-new mining guidelines as they promote. a higher share of incomes from Western miners. A provisional order to seize our existing gold stock was. provided recently and the Malian government started its enforcement. on Jan. 11, Barrick said...

Canada's Barrick Gold said on Monday it would suspend operations in Mali if the country does not raise limitations on gold deliveries within the coming week, as mining business deal with a significantly hostile running environment in West Africa. The military federal governments of Mali, Burkina Faso and Niger are attempting to renegotiate terms and gain a bigger share of mining earnings after a series of coups that have actually seen them shift away from their traditional backers France, the United States and the United Nations towards Russia. The Mali standoff, hazards by Burkina Faso's junta to strip permits and...

Nigeria has actually lifted a restriction on mining expedition in the northwestern state of Zamfara after a. fiveyear suspension, the mining minister stated, pointing out improved. security. Mining activities in Zamfara, which holds substantial gold, lithium. and copper deposits, were suspended in 2019 following incessant. bandit attacks. The security operatives' huge strides have actually led to a. notable reduction in the level of insecurity, and with the restriction. on expedition lifted, Zamfara's mining sector can slowly. begin contributing to the nation's revenue swimming pool, Dele Alake,. mining minister, stated in a statement on Sunday. Throughout the suspension, he said illegal...

Canadian miner Barrick Gold stated on Wednesday it had actually sent an arbitration demand to the International Centre for Settlement of Investment Disputes, to settle a dispute with Mali over its LouloGounkoto gold mine complex. Barrick, the world's secondlargest gold miner based on production, and the Mali junta have actually remained in dispute given that 2023 over an agreement for Barrick based upon the country's brand-new mining guidelines. The battle has resulted in a number of levels of escalation, including Mali providing an arrest warrant for Barrick CEO Mark Bristow this month. Barrick owns 80% of LouloGounkoto, with the Mali...

Barrick Gold will suspend operations in Mali if gold shipments continue to be obstructed, the company said on Monday as it has a hard time to reach agreement with authorities on a brand-new mining code in the West African country. Conditions at the miner's Loulo-Gounkoto complex have shabby substantially, Barrick stated, adding that staff members have actually been imprisoned without cause and deliveries of bullion have been obstructed. If shipments stay suspended, Barrick will be forced to suspend operations, further affecting the practicality of this important financial chauffeur for Mali, the business stated. A representative for Mali's mines ministry did...

The arrest of mining executives in Mali, dangers by Burkina Faso's junta to strip permits and the seizure of a Frenchrun uranium website in Niger have unsettled Western miners running in West Africa and could limit even more investments. Day-to-day production in Mali and Burkina Faso has up until now been mostly unaffected. The escalation is anticipated, nevertheless, to hit companies seeking financing and insurance coverage - curbing supply growth in Africa's engine of gold output, more than a lots individuals, including mining staff members, financiers, insurance providers and federal government sources, told Reuters. The push by Mali, Burkina Faso...

Swiss cement maker Holcim will leave its Nigerian organization through the sale of its nearly 84% stake in Lafarge Africa to China's Huaxin Cement in a $1 billion offer, it stated on Sunday. The deal lines up with Holcim's technique to enhance its portfolio and focus on high-growth regions, including the coming spin-off of its North American company, which remains on track for a U.S. listing in the very first half of 2025. The transaction is expected to close in 2025, subject to regulative approval, Holcim's declaration said, without elaborating on the factor for this specific sale. In November last...