West Africa

Significant oil business such as Exxon Mobil and Shell that aim to exit Nigeria's onshore oil can get quicker approval to do so if they take responsibility for spills instead of wait for authorities to assign blame, the regulator stated on Friday. Exxon, Shell, TotalEnergies, and Eni have all sought to leave Nigeria's oil-rich Niger delta in current years citing security concerns, including theft and sabotage, to concentrate on deepwater drilling. Nevertheless, their exits have actually been postponed by regulatory difficulties. At a conference with the business in Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) primary Gbenga Komolafe offered a...

Nigeria's oil regulator on Thursday clarified that recent modifications to fuel sulphur material standards for diesel become part of a local harmonisation effort, not a relaxation of regulations for local refineries. Last week, an S&P Global report noted a substantial shift in the West African fuel market after Nigeria altered its maximum diesel sulphur material from 200 parts per million (ppm). to around 650 ppm, triggering issues it might be lowering its. standards to accommodate locally produced diesel which. exceeds the 200 ppm cap. But the Nigerian Midstream and Downstream Petroleum. Regulatory Authority (NMDPRA) stated it was only sticking to...

Nigeria's stateowned oil firm NNPC Ltd on Thursday signed a contract permitting a local refiner to build and operate a 100,000 barrel daily (bpd). refinery within NNPC's Port Harcourt Refinery complex in the. south of the nation. The plan to site another refinery near to the state-owned. plant to maximise making use of existing facilities, known as. co-location, was initially revealed in 2016 when the Nigerian. National Petroleum Business Ltd (NNPC) marketed for tenders. In 2018, NNPC approved a quote from African Refineries Port. Harcourt (ARPH) Ltd to establish a new refinery within the Port. Harcourt complex. NNPC was to...

Senegal's. Presidentelect Bassirou Diomaye Faye rode to victory in. Sunday's poll on a wave of protest votes against the West. African country's existing leader, fuelled by discontent that. infrastructurefuelled growth has failed to benefit all. While the youths who formed the backbone of Faye's. support base desire jobs and more even wealth distribution,. financiers expressed hope that promises to produce a new currency. and renegotiate energy agreements will not be followed through. During outbound President Macky Sall's 12 years in power,. economic development balanced practically 5%, improved by costs on. roads, trains, ports and airports, while Senegal had a. track...

Bola Tinubu, the President of Nigeria, announced on Wednesday a revamping of Nigeria's economy governance to alleviate financial hardships and boost productivity. A multi-layered framework was established to improve coordination, planning, and implementation. Tinubu, the man who came to power last year, left behind an economy that was struggling under record debts, high unemployment rates, low oil production, and power shortages which had crimped its growth. The reforms that he implemented, notably ending the costly petrol subsidy, and devaluing the currency twice within a single year, have led to price pressures, and the worst cost of living crisis in decades...

The United States speaks regularly with the Democratic Republic of Congo's state miner Gecamines, a senior State Department authorities told , as Washington looks for to deepen relationships with key providers of cobalt and copper across the African continent. WHY IT is essential Chinese aggressive investment across Congo, Zambia and elsewhere in Africa - which holds huge supplies of minerals utilized to make electrical automobiles and other electronic devices - has for a long time raised concern in Washington. Jose Fernandez, the U.S. State Department's under secretary for economic development, energy, and the environment, said in an interview this week...

Nigeria on Friday stated it will oblige business to divulge their ecofriendly practices and how they handle the impacts of environment change in their financial reporting within four years or face sanctions. Worldwide financiers are now scrutinising business for their environmental, social, and governance records. Nigeria, Africa's. largest economy and greatest oil exporter, has had a hard time to. draw in financial investments. Nigeria last June said it would embrace rules of the. International Financial Reporting Standards associating with how. business report environment-related financial details and. climate-related disclosures. A working group consisting of federal government regulators, company. agents and capital...

Moove, which was founded in Nigeria and provides revenuebased car financing, said on Tuesday it had raised $100 million in a most current financing round, valuing the business at $750 million. Released in 2020, Moove uses a credit history system to supply car financing to customers to buy new automobiles for trip hailing, logistics and shipments utilizing a percentage of their weekly profits. The Series B financing was backed by Uber and existing financiers like Mubadala, which backed Moove in 2015's. round. With the most recent financing, United Arab. Emirates-headquartered Moove will expand its vehicle funding. offering to 16 markets...

Niger's Prime Minister Ali Mahaman Lamine Zeine said on Saturday that Benin's blockade of Niger's oil exports, enforced in reaction to a border closure, violated trade arrangements in between the two countries and with Niger's Chinese partners. Speaking at an interview in the capital Niamey, Zeine stated Niger could not completely reopen its border with Benin for security factors, in comments that escalate a disagreement that saw Benin today block materials of Niger's crude oil to ships in its port. The blockade jeopardises landlocked Niger's strategy to begin crude exports under a $400 million deal with state-owned oil major China...

Benin has obstructed exports of oil from Niger by means of its port, President Patrice Talon said on Wednesday, requiring juntaled Niger reopen its border to Beninois items and normalise relations before crude deliveries can reboot. The relocation jeopardises landlocked Niger's strategy to start exports from its Agadem oilfield under a memorandum of comprehending signed last month with Chinese state-owned oil huge China National Petroleum Corp (CNPC) worth $400 million. Trade flows in the region were expected to normalise after the West African regional bloc lifted in February rigorous sanctions on Niger as it sought to discourage it and junta-led...

Nigeria requires to ensure that Shell securely dismantles its old facilities or pays to eliminate them from the Niger delta before its exit, states a. report on the ecological effect of the activities of. international business. Shell is set to leave from Nigeria's onshore oil and gas. operations after concurring in January to sell business to a. consortium of 5 primarily regional companies for $2.4 billion. The deal is the most recent by an international oil business. seeking to divest from Nigeria's troubled onshore oil sector. But the cost of taking apart old possessions could leave the country. with ecological...

Russia on Tuesday ordered a. sixmonth ban on gasoline exports from March 1 to keep costs. steady amidst rising need from consumers and farmers and to. permit upkeep of refineries worldwide's 2nd. biggest oil exporter. The restriction, first reported by Russia's RBC, was validated by a. spokeswoman for Deputy Prime Minister Alexander Novak, President. Vladimir Putin's point guy for Russia's large energy sector. RBC, citing an unidentified source, said Prime Minister. Mikhail Mishustin had approved the ban after Novak proposed it. in a letter dated Feb. 21. A 2nd source told that the. choice had been made however the decree...

Leading cocoa producers Ivory Coast and Ghana, in the middle of one of their worst harvests in years, do not have beans available to satisfy shipments of up to half a million tons presold at about a quarter of current world rates, 2 market sources told . The beans make up about 20% of the countries' joint output and the aim now is to provide them next season to the purchasers instead of throughout the existing season, the sources said. The beans were pre-sold for around 2,000 pounds ($ 2,508.00). a metric heap while world cocoa rates are currently. nearer...

Japanese oil refiners see no immediate impact from escalating stress in the Middle East on their unrefined procurement, but will utilize the nation's reserves in case of contingencies to make sure steady oil products, the industry group's head said. We do not think that there are any barriers to the procurement of petroleum to Japan for now, Shunichi Kito, the president of Petroleum Association of Japan (PAJ), told a news conference on Wednesday, when asked about the impact of the Iranian counter-attack on Israel over the weekend. Kito acknowledged that if the dispute were to intensify and affect the wider...

Niger will produce a. diesel refinery to provide its Sahel allies and plans a more than. sixfold increase in diesel shipments to Mali to tackle that. country's energy crisis, Gas Minister Mahaman Moustapha Barke. stated. The announcement, made on Tuesday, signals deeper. cooperation in between the juntas leading Niger, Mali and Burkina. Faso, which have given up West African regional bloc ECOWAS and. formed a pact known as the Alliance of Sahel States (AES). According to the brand-new offer, Niger's diesel supplies to Mali. will increase to 150 million litres each year from the present 22. million litres, Barke stated...

Energy ministers, oil executives and green investors collected this week to mark a. halfcentury given that the development of the International Energy. Company and to examine its brand-new role as the world's shepherd toward. a green future from a nonrenewable fuel source past. The industrialised world's energy watchdog has actually shifted its. concentrate on traditional oil and gas supply security to championing. renewables and climate action-- and for some at the event,. this undermines its function as an impartial energy authority. The green pivot aligns with the environment policy of the. company's top monetary backer, the U.S. Top OPEC+ oil...