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Energy Markets

Oil & Gas

Oil & Gas

Dangote Refinery drops suit against Nigerian fuel importers

According to a filing in court, Dangote Refinery retracted its lawsuit over fuel imports against Nigeria's midstream, downstream, and petroleum regulator, as well as several fuel importers including the state-owned NNPC Ltd. Africa's biggest refinery sought to annul fuel import licenses issued to NNPC Ltd., AYM Shafa Ltd., A.A. Rano Ltd., T. Time Petroleum Ltd., 2015 Petroleum Ltd., and Matrix Petroleum Services Ltd. The refinery also demanded 100 billion naira (66 million dollars) in damages. Dangote Refinery filed a lawsuit claiming that the Nigerian Midstream and Downstream Petroleum Regulatory Agency was violating the laws by issuing gasoline import permits to...

Oil & Gas Refining

Data shows that India's imports of Russian oil increased slightly between January and June.

Sources say that India's oil purchases from Russia increased marginally during the first half this year. Private refiners Reliance Industries Ltd. and Nayara Energy accounted for almost half the total. The data shows that India, which is the third largest oil consumer and importer in the world, received approximately 1.75 million barrels of Russian oil per day from January to June this year. This represents a 1% increase over the previous year. State companies buy Russian oil from spot markets, but the two private refiners are bound by term contracts. India's purchases at discounted prices of Russian oil increased after...

Oil & Gas

Sources say that the Dangote refinery in Nigeria plans to build 1.6 million barrels of fuel storage tanks for Namibia.

MacDonald Dzirutwe Two sources confirmed on Wednesday that the refinery in Nigeria, Dangote Petroleum, will build storage tanks in Namibia for at least 1.6 millions barrels of gasoline or diesel to be supplied to southern Africa. This move demonstrates the refinery’s ambition to dominate the fuel supply market in Africa, and beyond. It could reshape energy trade flows and increase access to refined products in southern African countries. Aliko Dangote is Africa's richest person. He built a $20 billion refinery that produces 650,000 barrels of oil per day. It started operating last year. Since then, it has increased production and...

Oil & Gas

IMF says Nigeria must re-calibrate its budget to lower oil prices

The International Monetary Fund (IMF) said that Nigeria must adapt its budget for 2025 to lower oil costs and increase cash transfers in order to protect the most vulnerable sections of its population. The IMF released the results of the routine "Article IV", assessment of Nigerian economic policies. It said that the economic growth was steady, but low per capita and the inflation remained high. The Fund forecast that Nigeria's economy will grow at a rate of 3.4% in this year, and 3.2% by 2026. Axel Schimmelpfennig is the mission chief of the Fund for Nigeria. He said: "The international...

Oil & Gas

IIR: Nigeria's Dangote Refinery will run with reduced production until October.

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...

Oil & Gas Drilling

Nigeria offers tax reductions on oil to reduce costs

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...

Refined Products

IIR: Nigeria's Dangote Refinery will run at reduced rates until October.

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...

Oil & Gas Exploration

Minister says Nigeria is in talks with Petrobras about deep-water acreage

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...

Oil & Gas

IIR: Nigeria's Dangote Oil Refinery cancels maintenance for June at its gasoline unit

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...

Oil & Gas

World court dismisses Sudan's genocide case against UAE over alleged Darfur interference

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Refined Products

Data shows that the share of OPEC oil in India's imports has dropped to a record low.

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Oil & Gas Refining

Document summary: Nigeria's Dangote Oil refinery tenders to sell fuel oil

According to a summary shared by a source in the market, Nigeria's Dangote refinery released a tender Tuesday for 128,000 metric tonnes of residual fuel oil to be sold in April. Summary showed that the 650,000 barrels per day (bpd), Dangote refinery, will close its tender on Wednesday, 1200 GMT. It is looking for buyers of 88,000 tons low-sulfur straight run fuel oil, and 40,000 tonnes of slurry for loading between April 10-12. The refinery didn't immediately respond to our request for comment. According to IIR, Dangote's 204,000 barrels per day gasoline production unit will be shut down for 30...

Fossil Fuels

Fossil Fuels

Senegal announces recovery plan relying on domestic funding

On Friday, Prime Minister Ousmane sonko unveiled a plan to revive the economy of Senegal. He pledged to finance 90% through domestic resources in order to avoid further debt. Senegal is facing financial difficulties and criticism over misreporting of debt. The plan aims to stabilize the finances of this West African nation, which began producing oil and natural gas last year. The IMF has frozen its loan program because the country is struggling with hidden debts worth billions of dollars from the previous administration. Sonko, during a presentation at the capital Dakar, said: "We have identified over 4.6 trillion CFA...

Fossil Fuels

Nigerian Dangote warns that cheap Russian oil threatens African refineries

Aliko Dangote, a Nigerian billionaire, has warned that discounted Russian petroleum products pour into African markets. This could undermine the continent's new refining industry. Dangote has struggled with securing crude oil locally, despite his plans to increase the refinery's capacity to 700,000. Dangote, at an Abuja oil conference, said: "We're increasingly faced with the dumping and blending of cheap, toxic petroleum products. Some of these are blended in substandard levels, which would never be permitted in Europe or North America." He attributed the trend to Western sanctions against Russian oil which have led Moscow to offer steep discounts on alternative...

Fossil Fuels

Emirates Global Aluminium claims Guinea terminated the deal in error

Emirates Global Aluminium announced on Wednesday that Guinean authorities had terminated a contract with its subsidiary Guinea Alumina Corporation after a dispute lasting a year over the construction of alumina refinery. Guinea's military regime GAC has suspended its bauxite West Africa's militarized states are increasingly focusing on exports and mining as part of their increasing aggressive They are also pushing to get more out of their natural resources. The junta that took power in 2021 is the second largest producer of bauxite ore, which is used to make aluminum. The miners demanded to be paid Present plans to build refineries...

Mining

Mineral Resources

Mineral Resources

Eramet revises volume targets for 2025 after a H1 earnings decline

The French mining group Eramet announced a sharp drop in its first-half earnings on Wednesday. It warned that macroeconomic conditions would remain difficult throughout the rest of this year. This led to a revision downwards of Eramet's production targets for 2025. Eramet reported adjusted earnings prior to interest, taxes and depreciation (EBITDA), of 191 millions euros ($219.12million) for the first half of this year, a drop of 45% compared to a year ago. Earnings exclude Eramet’s New Caledonian Nickel subsidiary SLN which is supported by French government loans. Eramet's Chief Executive Paulo Castellari said to reporters that "our first-half results...

Mineral Resources

New Ghana mining legislation will shorten the licence period and boost community investment

Ghana will shorten the duration of mining licenses and require direct revenue sharing with local communities as part of its most comprehensive mining law reforms since nearly 20 years. Details were announced on Wednesday by a government ministry. The planned overhaul is part of a wider trend in West Africa where governments are rewriting their mining codes to maximize the value from rising commodities prices. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources in Ghana, said that the changes - which include scrapping the automatic renewal for some licences – will only apply to future contracts. This is...

Mineral Resources

Sources say that China's Zijin is leading the race to purchase Barrick's Tongon gold mine in Ivory Coast.

Two sources familiar with the matter said that China's Zijin Mining was the frontrunner for Barrick Mining to purchase the Tongon gold mine located in northern Ivory Coast. The deal could be worth up to $500m. Barrick, third-largest gold producer in the world, has shifted its focus to high-margin assets with long-term life, and is focusing more on copper, as well as strategic operations in Africa, and the Middle East. The company suspended operations at its Loulo-Gounkoto mining complex in Mali, after the military government of that country blocked exports, arrested staff and seized 3 tons of gold over a...

Mineral Resources

Mali court rejects the appeal to release Barrick employees four, says judge

Judge Samba Sarr announced that a court in Mali rejected Barrick Mining's appeal to release four employees who were arrested in November. This is the latest development in an ongoing dispute between the Canadian company and the Mali Government over taxes and ownership rights of mining operations. Alifa Habib Kone is an attorney for Barrick. She said that the judge ruled the appeal of the company which dismissed the allegations made against the local employees as "unfounded". Kone stated that the employees are facing charges of money laundering and other violations. Barrick says it denies the allegations against its employees....

Mineral Resources

Mali military helicopter transports gold from Barrick's Loulo Gounkoto

Three sources confirmed that on Thursday a Malian military helicopter transported gold from Barrick's Loulo-Gounkoto mining complex. This comes days after reports claimed that a court-appointed administrator intended to sell the bullion at the site to fund operations. Last month, a Bamako Court appointed a temporary administrator to resume operations at the largest gold mine in the West African nation. This comes nearly six months after Barrick Mining had suspended the site's operations amid tensions over the implementation of the new mining code. Barrick has said that it had to suspend its operations at the beginning of January after Mali’s...

Mineral Resources

Trump hosts five African leaders amid tariffs and aid cuts

On Wednesday, President Donald Trump met with leaders of five African countries as the U.S. president intensified a trade conflict that threatens developing countries that depend on the trade with the largest economy in the world. A White House official confirmed that Trump will host leaders from Gabon and Guinea-Bissau as well as Liberia and Mauritania for a lunch and discussion at the White House. The discussions are expected to be focused on business opportunities. Africa experts await Trump's announcement of dates for a larger summit with African leaders. This could be in September, around the time for the United...

Mineral Resources

Second quarter copper production at Ivanhoe Congo Mine jumps

Ivanhoe Mines said that its production at the Kamoa-Kakula Mine in the Democratic Republic of Congo increased by 11% on an annual basis to 112,009 tons of copper during the second quarter. The output increased despite the seismic problems that disrupted operation earlier this year. The Canadian miner resumed its operations in June, and reduced its production guidance for 2025 by almost 30%. It now expects to produce between 370,000 and 420,000 tonnes. Open Mineral's Senior Africa Commercial Officer, Zack Hartwanger said: "Ivanhoe’s rapid ramp-up, and its steady outlook, underscore Kamoa Kakula's status as one of the world's lowest-cost, high-margin...

Mineral Resources

Ghana launches taskforce to stop gold smuggling

John Dramani Mahama, President of Ghana, launched on Tuesday a taskforce backed by the security forces in order to combat illegal gold trading. Africa's largest producer is trying to recover billions lost due to smuggling. Ghana's task force is the first national initiative to combat gold smuggling. The government had previously tried to clean up artisanal gold mining, but this was unsuccessful in preventing illegal extraction or preventing the revenue losses that most African gold producers suffer. Ghana created a new board called GoldBod this year to centralise the gold trading. Mahama, at the inauguration for the new taskforce, said...

Mineral Resources

Mali intends to sell gold reserves to Barrick Complex to fund operations

Two sources say that the administrator appointed by the Malian court to Barrick Mining’s Loulo-Gounkoto site, who is Barrick Mining’s Loulo-Gounkoto Complex, plans to sell a metric ton (one tonne) of gold in its storeroom when operations resume after a six-month hiatus. Barrick Gold, a Canadian mining company, temporarily halted its operations in January when the Malian government confiscated gold stocks at the Loulo-Gounkoto Complex. Two sources claim that former health minister Soumana Mahadji was appointed temporary administrator in December and enlisted Samba Toure, the chairman of the state mining company, to assist with operations. Before the suspension, Barrick, world's...

Mineral Resources

France's Orano claims its Niger uranium mining is on the verge of bankruptcy

The French uranium mining company Orano announced on Wednesday that its joint venture with Niger SOMAIR is nearing bankruptcy due to export restrictions imposed on it by the military government of Niger. Orano had to stop production at SOMAIR when authorities stopped exports in the past year. The Niger government took over the operation in December, and announced plans to take it back last month. It is part of a trend of West African countries seeking more control of their natural resources. Niger is also the seventh largest uranium exporter in the world. When Orano's local unit was operating at...

Mineral Resources

West Africa mine operators use drones to detect illegal miners as gold prices rise

Three men launch a drone in the clear skies above Gold Fields' Tarkwa mine, a sprawling 210 square kilometer gold mine located in southwest Ghana. The drone's cameras scan the area for any intruders as the sun beats down. A drone detected something strange, and a 15-person police team arrived within 20 minutes. The team found abandoned clothing, newly dug trenches and rudimentary gear in pools of mercury- and cyanide contaminated water. Wildcat miners who work on the fringes of official mines in Africa left the equipment behind. They put their health, the environment, and the profits of official mine...

Mineral Resources

Burkina Faso has completed the nationalisation of five gold mines

According to a late-released decree, Burkina Faso completed the transfer of gold mining assets from the state-owned miner to the country. This finalised a process which began in August, to increase its control over mineral resources. Burkina Faso, like its neighbours Mali & Niger, is trying to gain a greater share of their resources following the revision of its mining code in 2013. The Societe de Participation Miniere du Burkina, or SOPAMIB, was established to manage and own strategic mining assets. The five assets that were transferred to the government include two gold mines and exploration licenses owned by subsidiaries...