African News

Zimbabwe’s REA targets 60% of rural populace for electrification with modern energy sources

Jun 30, 2019

Government is forging ahead with its thrust to modernise rural areas with the Rural Electrification Agency (REA) pledging to bring access to electricity to 60 percent of the rural populace by 2030 in line with President Mnangagwa’s vision to make Zimbabwe an upper middle income economy by 2030. REA board chair Mr Willard Chiwewe said…

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Ghana’s upstream natural gas contracting processes lack transparency- Think Tank

Jun 30, 2019

THERE is insufficient transparency in the upstream contracting process for natural gas in Ghana as required by international best practice, a study by think tank, IMANI Africa has revealed. It established that some processes including the award of rights to international oil companies, were shrouded in secrecy rendering stakeholders incapable of monitoring and making inputs.…

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‘Africa fourth highest in global polypropylene capacity additions by 2023’ – GlobalData

Jun 30, 2019

Africa will be the fourth highest region in terms of polypropylene capacity addition in the global polypropylene industry, growing at an average annual growth rate (AAGR) of 20.5 per cent from 1.49 mtpa in 2018 to 4.15 mtpa in 2023, according to GlobalData, a leading data and analytics company. Egypt will lead in Africa, contributing…

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Somalia takes step to revive oil sector with fresh terms

Jun 30, 2019

Somalia’s oil ministry has moved a step closer to alleviating more than two decades of oil-sector paralysis. The country’s new petroleum Revenue Sharing Agreement, or RSA, relates to Somalia’s petroleum law, which was approved last month in an effort to kick-start oil development that has been halted by two decades of civil war. Companies including…

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meeco to launch solar PV rope solution sun2rope in African safari camps

Jun 30, 2019

The Swiss-headquartered renewable energy generation and energy storage company The meeco Group has just launched its latest solar PV mounting solution. The sun2rope system offers a totally flexible and innovative way to build a solar energy system without the application of obstructing substructures harming the environment. By mounting the solar modules on special high-quality ropes, which are…

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Angola’s new administration struggles to improve economy as oil prices lag

Jun 30, 2019

BALLOONING government debt, downward revision of the country’s economic growth as well as a plummeting oil industry, the Angolan economy is in dire straits. A government led by a president that came to power on a campaign premised offering Angolans an “economic miracle” is exacerbating this nightmare through disregard of the rule of law. Africa’s…

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Kenya’s Energy Cabinet Secretary clears fears over Lamu coal plant

Jun 29, 2019

The government shall not pay for the installation of the Lamu Coal power plant despite fears that the project would be shouldered by Kenyan taxpayers. Energy Cabinet Secretary Charles Keter says the three-unit 981-megawatt project shall be undertaken by the private sector as part of a power purchase agreement. “This is a private initiative by…

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Egypt completes 2018-19 oil hedge and plans program in 2020

Jun 29, 2019

Egypt is becoming a significant player in the global oil derivatives market, planning to buy protection against a higher crude import bill for a second year. North Africa’s largest economy plans to hedge against rising oil prices in the fiscal year 2019-2020 that starts in July, following a similar effort to lock-in prices for the…

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Angolan July crude overhang begins to clear

Jun 28, 2019

Angola’s last remaining cargoes for July loading have begun clearing. At most only a few cargoes may remain for July loading, which could be absorbed by sellers BP, Equinor and Total . Asian refining margins for gasoil climbed to their highest in nearly four months, but East Asian markets still appear well supplied. Unipec was…

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Liberia’s LEC loses 62% of revenue to power theft

Jun 28, 2019

The Liberia Electricity Corporation (LEC) is losing 62-percent of its revenue to power theft, amounting to US$4.26M monthly, LEC Board member and Chief Executive Officer of the Millennium Challenge Account-Liberia has told a local development conference in Monrovia organized by the United states Agency for International Development, USAID. MonieCaptan said the problem is compounded by…

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