West Africa

Nigeria's stateowned NNPC Ltd. oil business said it has started the tender procedure for the. operation of the Warri and Kaduna refineries, which are. arranged to start processing crude this year. The oil refineries, which are being upgraded after being. shut for a number of years, have the capacity to process 125,000. barrels per day (bpd) and 110,000 bpd, respectively. Nigeria, which is Africa's biggest oil producer, is looking for. operators to make sure reliability and sustainability towards. satisfying the country's fuel supply and energy security. commitments, NNPC said in a public notification on Thursday. Warri and Kaduna are amongst...

Nigeria's President Bola Tinubu will fulfill Chinese leader Xi Jinping throughout a visit to China next week to talk about cooperation on the economy, agriculture and satellite technology, a Nigerian federal government representative stated on Tuesday. Tinubu, who has set in motion deep reforms in Africa's. largest economy, will remain in Beijing together with other African. leaders to attend the China-Africa Cooperation Summit. This is going to become part of a wider engagement where the. 2 presidents will go over matters of mutual interest. across not just the economy, however also on issues of nationwide,. regional, and international security, the...

Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday. Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated. He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption. Beard joined...

Nigeria's significant Dangote oil refinery is reselling freights of U.S. and Nigerian crude, 4 trade sources familiar with the matter said on Friday. 3 of the sources stated the reoffer was linked to technical issues at the refinery. A Dangote executive, asked about the offers and talk in the market that the refinery is having operational concerns affecting the unrefined distillation system, said the CDU functions. The refinery began production in January and will be the biggest in Africa and Europe when it reaches full capacity. It might overthrow what has actually been an extremely rewarding Europe-to-Africa fuel trade and...

Eni might pocket more than 8 billion euros ($ 8.7 billion) in net profits from disposals by 2027, CEO Claudio Descalzi stated on Friday after the Italian energy group reported secondquarter outcomes ahead of agreement. We have been performing our disposal plan much faster than anticipated, Descalzi stated, speaking with analysts on a. post-result teleconference. In its updated company strategy to 2027, the group stated it. intended to gather around 4 billion euros from the sale of oil and. gas assets and a similar quantity from minority stake sales and. initial public offerings of its low-carbon systems. The potential customers...

India's monthly oil imports from its greatest supplier Russia slipped partially in June while those from the United States rose to the greatest given that Feb. 2022, information obtained from the industry sources showed. India is the world's third-biggest oil importer and customer, importing more than 80% of its oil needs. Indian refiners had actually positioned orders in May for the majority of the June-arrival oil barrels Refiners in India together delivered in 1.98 million barrels. each day (bpd) of Russian oil in June, down 3.7% from the previous month, the data revealed. However, throughout the very first fiscal quarter...

Nigeria's Dangote refinery is in talks with Libya to protect crude for the 650,000 barrels per day (bpd) plant and will likewise look for Angolan oil, a senior executive stated, as it looks for to overcome issues with domestic supplies. The $20 billion refinery, constructed by Africa's wealthiest man Aliko Dangote on the borders of Lagos is Africa's biggest, and is designed to end Nigeria's dependence on imported fuels because of inadequate refining capacity. Given that Dangote began operations in January, it has been unable to get adequate unrefined supplies in Nigeria, which, although Africa's biggest oil producer, is battling...

Nigeria is broadening the variety of oil blocks slated for auction in its 2024 licensing round in addition to extending the due date for ending the workout amid keen interest in the offer, the oil regulator told on Thursday. Nigeria opened a licensing round in April using an overall of 19 onshore and deepwater oil obstructs to investors. This has now been expanded to include an extra 17 deep offshore blocks to the 2024 licensing round. We have undertaken more exploratory activities and as a. result acquired more information to expand the offer and extend the. due date. This has...

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

Niger has shut off oil exports to China by means of its pipeline to Benin's coast, Oil Minister Mahamane Moustapha Barke Bako said on Thursday, deepening a. standoff between the West African neighbours. At the Agadem oilfield in eastern Niger, the minister. manage the padlocking of an area of the 2,000-km (1,243-mile). pipeline through which exports to China were implied to flow under. a memorandum of understanding with state-owned oil giant China. National Petroleum Corp (CNPC) worth $400 million. Cross-border relations have been strained since Benin. obstructed unrefined exports via its port from landlocked Niger in May. and required the...

Seplat Energy is pursuing a quick conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil properties, it stated on Friday after being alerted that NNPC had actually halted a legal obstacle to the deal. State oil business NNPC had actually challenged Exxon's sale of the possessions to Seplat, stating it had first right of rejection. The deal was even more held up by regulatory issues. Seplat Energy applauds the open cooperation and development accomplished by all stakeholders, and will vigilantly engage (with). all crucial stakeholders, consisting of the federal government, in advancing. towards a speedy completion of...

Senegal's Sangomar oil and gas field has actually produced its very first oil, operator Woodside Energy said on Tuesday, adding that the drilling project was ongoing. The much awaited first oil is a milestone for the West African country which is set to turn into one of the world's newest oil and gas producer. Another major gas project, the BP -operated Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) job straddling Senegal's border with Mauritania, is expected to start production by the end of the year. Located about 100 km (62 miles) offshore south of the capital Dakar, Sangomar is...

Africa's top gold manufacturer Ghana will commission its very first largescale greenfield mine in more than a decade in November, with expected annual production of more than 350,000 ounces, the head of its mining sector regulator told Reuters. The Cardinal Namdini mine is owned by Cardinal Resources, a. unit of Shandong Gold which got a licence for. the facility in 2020. Ghana, the world's number two cocoa manufacturer, has actually seen gold. expedition downturn over the previous decade, limiting brand-new tasks. and reducing output from big miners. Martin Ayisi, CEO of the Minerals Commission, said 3. other new mines, consisting...

Senegal has actually suspended all mining activity for nearly 3 years on its side of the southeastern Faleme river in a decree aimed at safeguarding the environment and supporting local communities threatened by an artisanal gold mining boom. Mining-related dredging and chemical discharges have actually helped pollute the Faleme, which streams from the uplands in Guinea, down a big area of Senegal's border with Mali, and into the Senegal river. Mining will be suspended on all Senegalese territory as much as 500 metres (546.81 backyards) from the river's left bank and remain in place up until June 30, 2027, according...

Gold Fields stated on Friday it expects to produce much less gold this year than formerly anticipated, as weatherrelated challenges weigh down production at a brand-new mine in Chile. The Johannesburg-based gold miner stated its 2024 output has been reduced to in between 2 million ounces and 2.15 million ounces from a previous forecast of about 2.3 million ounces. Gold Fields' revenue plunged to $320.7 million in the first half of this year ended June 30, compared with about $458. million a year back, taking a hit from decreasing gold output. It likewise dealt with production setbacks at South Deep...

Mali's gold reserves fell 17%. between 2022 and 2024 to 731 metric lots, statistical information from. the mines ministry revealed on Wednesday. Mali is among Africa's top gold manufacturers and is home to. mining companies including Barrick Gold, B2GOLD. and Resolute Mining. According to data provided to Reuters, gold reserves held by. mining companies was up to 731 metric lots from 881.7 heaps 2. years earlier. The mines ministry did not supply a reason for the reserves. decrease. Information showed that Syama mine, owned by Australian company. Resolute Mining, triumphes with 141 lots of gold. reserves. It is followed by...

Uganda handed over the almost 100 Congolese policeman who had fled throughout the border to Kanungu district in southwestern Uganda to escape fighting between M23 rebels and Congo's military, a Ugandan military spokesperson said Friday. The declaration said the police officers' national identities had actually been confirmed, which they had been enabled to enter Uganda as an act of humankind and in line with international law. The officers were turned over along with their weapons, ammo and other arms, the declaration by Significant Kiconco Tabaro, a Ugandan military representative, stated. Tabaro said that refugees continued to flow over the Ugandan...

China's Xuzhou Building Equipment Group (XCMG) has actually signed a contract with worldwide miner Rio Tinto's Simfer to supply equipment for its giant, untapped Simandou iron ore job in Guinea, the Chinese company said on Wednesday. China's leading construction equipment maker, headquartered in east region of Xuzhou city, will provide core mining devices with a total value of nearly 800 million yuan ($ 111.91 million), consisting of dozens of 230-metric lot mining trucks, for the Simandou job, the company stated in a post on its WeChat account. The task in southeast Guinea, which is viewed as key to the green...

Gold Fields anticipates its halfyear earnings to fall by as much as 33%, the miner said on Thursday, due to lower output at its South African and Australian mines, in addition to the delayed rampup of its brand-new Chile mine. Gold Fields stated in a trading upgrade its headline incomes per share would be in between $0.34 and $0.38 in the 6 months to June 30, down from $0.51 throughout the very same period last year. The Johannesburg-based miner's gold production is anticipated to be 918,000 ounces, 20% lower than the 1.154 million ounces taped throughout the same period in...

China Baowu Steel Group has completed its very first financial investment in the giant Simandou iron ore project in Guinea, the world's biggest steelmaker stated on Thursday. Baowu did not give the financial details of its investment in the project, which is set to be the world's biggest and greatest grade new iron ore mine, with an annual production capability of 120 million metric heaps. The Simandou job in southeast Guinea in Africa, which is crucial to the green shift in the international steel value chain, has been the topic of prolonged settlements due to its complex ownership structure, hold-ups...

Ivory Coast's gold output hit a record high in 2023, assisted by the opening of brand-new mines, and will continue to grow further, mines minister Mamadou Sangafowa Coulibaly said on Thursday. Ivory Coast, the world's leading cocoa manufacturer, is seeking to develop its long-neglected mining sector to diversify its income sources. Gold output has been climbing steadily for a number of years and is anticipated to reach 56 metric tons this year, Coulibaly told press reporters at a press conference. In 2015, it rose to 51 loads, up over 6% from 48 heaps in 2022. Mining companies running in Ivory...

State income from gold mining companies in Mali fell 26% in 2015, hit by lower taxes, a file from the west African country's mines ministry revealed on Wednesday. Mali is among Africa's leading gold producers and is home to mining companies consisting of Barrick Gold, B2GOLD , Resolute Mining and Hummingbird Resources . The income paid by mining business to the Treasury fell to 563.8 billion CFA francs ($ 936.54 million) in 2015 from 763.6 billion CFA francs in 2022, according to the document shared with . The decline in revenue was generally due to decrease taxes, which had actually...

Russian aluminium giant Rusal is in negotiations with the federal government of Sierra Leone on a. bauxite mining concession, the RIA state news company reported on. Wednesday, citing the west African nation's mining minister. We had numerous conferences during which they (Rusal) showed a. great deal of interest in opening a bauxite mining concession in Sierra. Leone, Julius Mattai, minister of mines and mineral resources,. was priced estimate as stating on the sidelines of the St Petersburg. International Economic Online Forum. Negotiations were still underway, RIA pointed out Mattai as. saying. We are here to resume cooperation, to verify that...

Russia will send out extra military materials and instructors to Burkina Faso to help the west African nation improve its defence abilities and fight terrorism, Russian state media estimated Foreign Minister Sergei Lavrov as saying on Wednesday. Burkina Faso, under military management given that a 2022 coup, has played host to contingents of the Wagner mercenary force, whose creator Yevgeny Prigozhin was killed in a plane crash last August. From the extremely first contacts in between our nations after President (Ibrahim) Traoré concerned power, we have been extremely carefully engaged in all areas of cooperation, including the advancement of military...