09292016Thu
Last update: Thu, 29 Sep 2016 09am

Middle East & Africa

Markets - Energy - Middle East & Africa

Uganda in oil refinery talks with South Korean SK Engineering-led bid KAMPALA: Uganda has begun negotiations with a consortium led by South Korea's SK Engineering for the building of a crude oil refinery and ended talks with a group led by Russia's Rostec Global Resources, the energy ministry said on Friday. The Ministry of Energy and Mineral Development said the decision was reached to end talks with Rostec Global after it made additional demands to a deal reached in May, with it said was due to be signed in June. "Consequently Government was left with no choice but to halt negotiations and draw the bid bond.Government is now proceeding to invite the Alternate Bidder - SK Engineering & Construction for negotiations," it said in a statement. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Nigeria signs $80bn of oil, gas infrastructure deals with China LAGOS: Nigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country's state oil company said on Thursday. Nigeria, an OPEC member which was until recently Africa's biggest oil producer, relies on crude sales for around 70 percent of national income, but its oil and gas infrastructure is in need of updating. The country's four refineries have never reached full production because of poor maintenance, causing it to ...

Markets - Energy - Middle East & Africa

Nigeria oil output rises to 1.9 million bpd due to repairs LAGOS: Oil production in Nigeria has risen to about 1.9 million barrels per day (bpd), from 1.6 million bpd, due to repairs and more than a week having passed since a major pipeline attack in the Niger Delta, a state oil company spokesman said on Monday. Militants who say they want a greater share of Nigeria's oil wealth to go to the impoverished Delta region have carried out a spate of attacks on pipelines in ...

Markets - Energy - Middle East & Africa

Algeria oil and gas output on the rise: Sonatrach ALGIERS: Algeria's oil and gas output is moving back to growth after years of stagnation, helped in part by increased production at the North African OPEC member's existing fields, state energy company Sonatrach said on Sunday.The North African country has struggled to draw in foreign energy companies to help it to explore new fields, its efforts undermined low global oil prices and last year's near-50 percent drop in energy revenue that accounts for more than ...

Markets - Energy - Middle East & Africa

Saudi Prince talks oil markets with US KHOBAR: Saudi Arabia's Deputy Crown Prince Mohammed bin Salman discussed global oil market conditions and efforts to maintain its stability with US Energy Secretary Ernest Moniz, state news agency SPA reported on Thursday. In a brief statement, SPA said the two men talked about "supporting joint efforts for the stability of the energy markets and providing energy to world markets in a sustainable manner." It gave no further details.Prince Mohammed, the son of King Salman, ...

Markets - Energy - Middle East & Africa

Africa-focused funds fuse $3.3 billion electric power assets LAGOS: Two Africa-focused funds have created a new energy joint venture capable of generating 1,575 megawatts (MW) of electricity in at least 10 countries by merging assets totalling $3.3 billion. Chronic power shortages are one of the biggest obstacles to growth in countries across Africa, with a dearth of electricity or regular blackouts strangling industries and the continent is turning to outside investors and renewables to boost output.The deal to develop and finance projects, announced ...

Markets - Energy - Middle East & Africa

Angola state oil firm finds gas in Kwanza basin LUANDA: Angolan state oil company Sonangol has discovered gas reserves in the offshore Kwanza basin that it says could total 813 million barrels of oil equivalent in a block in which BP has a stake. Sonangol said Block 20/11 held an estimated 313 million barrels of condensate and 2.8 trillion cubic feet of gas.Copyright Reuters, 2016 ...