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Nov
09
2023
By NATALIE GROVER, ROBERT HARVEY and AHMAD GHADDAR
Nigeria launches new ‘Nembe’ grade as ramps up oil output

Nigeria launches new ‘Nembe’ grade as ramps up oil output

BUSINESS
NIGERIA'S NNPC and Aiteo have launched a new grade of crude called Nembe through a joint venture, as Africa's largest oil producer ramps up its oil output. Crude theft, attacks on pipelines in the Niger Delta and a lack of investment have meant output declines for many years, causing a dwindling of Nigerian government revenue and large fiscal deficits. But output has picked up in recent months. The Nembe crude stream will be managed and marketed by a joint venture between state-owned NNPC and oil firm Aiteo Eastern E&P Co. Ltd, the companies said on Tuesday, the first such crude…
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Nov
09
2023
By The African Mirror
Credit Suisse ends ‘tuna bond’ dispute with shipbuilder Privinvest

Credit Suisse ends ‘tuna bond’ dispute with shipbuilder Privinvest

BUSINESS
CREDIT Suisse has settled its dispute with Emirati-Lebanese shipbuilder Privinvest over a decade-old "tuna bond" scandal, resolving another legacy legal issue for the bank's new owner UBS. The Swiss lender last month settled a lawsuit brought against it by Mozambique just before a three-month trial began, which did not affect Credit Suisse and Privinvest's competing claims against one another. Credit Suisse and Privinvest said in a statement late on Monday they "reached a global settlement of all present and future disputes between them concerning disputed state-guaranteed financing transactions in Mozambique". The settlement finally extricates Credit Suisse from any involvement in the case,…
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Nov
08
2023
By The African Mirror
Billionaire-owned Vedanta seals Zambian copper assets deal

Billionaire-owned Vedanta seals Zambian copper assets deal

BUSINESS
VEDANTA Resources and the Zambian government sealed an agreement that restores the Indian company's ownership of Konkola Copper Mines (KCM), ending a protracted ownership battle that stifled investment. Zambia's Mines Minister Paul Kabuswe witnessed the signing of the agreement between state firm ZCCM-IH with Chris Griffith, Vedanta's head of base metals, in Lusaka, officially handing the copper assets, which the state seized in 2019, back to Vedanta. The agreement will lead to the re-appointment of the KCM board and withdrawal of all legal challenges that are in court, including removing a provisional liquidator who was in charge of the assets, Kabuswe…
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Nov
08
2023
By BRIAN BENZA
Botswana conducts due diligence on HB Antwerp stake, president says

Botswana conducts due diligence on HB Antwerp stake, president says

BUSINESS
BOTSWANA is conducting due diligence on HB Antwerp, as the world's top diamond producing country by value seeks to finalise a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said. At the height of talks for a new sales contract with De Beers in March, Botswana announced a deal to become a shareholder in HB Antwerp and to supply the trader with 10% of the rough diamond output from the state-owned Okavango Diamond Company (ODC) for five years. But the proposed deal was called into question in September when Lucara Diamond terminated its sales agreement with the Belgian…
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Nov
06
2023
By The African Mirror
Egypt’s non-oil activity shrinks in October as inflation, supply shortages bite

Egypt’s non-oil activity shrinks in October as inflation, supply shortages bite

BUSINESS
EGYPT'S non-oil private sector shrank for a 35th consecutive month in October as inflation, supply chain problems and a lack of access to foreign currency continued to bite into business activity, a survey showed. The S&P Global Purchasing Managers' Index (PMI) fell to 47.9 from 48.7 in September, sliding further below the 50.0 threshold that separates growth from contraction. "The Egypt PMI pointed to the sharpest deterioration in non-oil business conditions for five months in October," S&P Global economist David Owen said. "A faster decline in new business volumes and sustained weakness in output were recorded as supply shortages and…
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Nov
06
2023
By SETH ONYANGO, BIRD STORY AGENCY
UAE’s post-oil ambitions steer a multibillion-dollar push into African freight

UAE’s post-oil ambitions steer a multibillion-dollar push into African freight

BUSINESS
UNITED Arab Emirates-based companies and funds are doubling down on a foray into Africa's freight and logistics scene. Earlier this week, Emirati maritime giant, DP World, inked a US$250 million port contract with Tanzania to operate part of Dar es Salaam's port for 30 years. DP World will exclusively manage four city dock moorings and share control of another four with the Tanzania Port Authority. Plasduce Mbossa, the authority's director general stated contracts will be reviewed every five years. Tanzania's deal with UAE follows President Samia Suluhu Hassan's previous agreement, allowing DP World to consultatively oversee all Tanzanian ports. Although…
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Nov
04
2023
By The African Mirror
Shell plans to drill two more wells offshore Namibia

Shell plans to drill two more wells offshore Namibia

BUSINESS
SHELL plans to drill two more wells in Namibia over the next 6 to 9 months with the energy giant citing "encouraging data" for the possible development of a new oil basin in the southern African country, CEO Wael Sawan said. Shell plans to drill one exploration well, one appraisal well, and conduct one flow test at its exploration licences offshore Namibia, Sawan said in a call with analysts. "There is a lot of encouraging data that we have identified," he said. Shell and France's TotalEnergies have made several promising discoveries in recent years in the country which has no oil and gas…
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Nov
04
2023
By The African Mirror
De Beers agrees five-year wage deal with S.African union

De Beers agrees five-year wage deal with S.African union

BUSINESS
ANGLO American Plc's De Beers signed a five-year wage deal with the National Union of Mineworkers (NUM) which represents workers at its South African diamond operations. The agreement will see employees receiving a 7% increase in 2023, and 6% in the subsequent years until April 30 2028, De Beers said in a statement. The increase takes the minimum entry-level basic wage to 17,630 rand ($954.30) per month, excluding allowances, De Beers said in a statement. The agreement also allows for participation in Anglo American employee share ownership plans, it added. De Beers Group Managed Operations Managing Director Moses Madondo said the…
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Nov
02
2023
By The African Mirror
Nigeria’s Lagos gets $1.35 bln deal with Afrexim, Access on investments

Nigeria’s Lagos gets $1.35 bln deal with Afrexim, Access on investments

BUSINESS
NIGERIA'S Lagos state has secured a partnership with African Export-Import Bank and Access Bank for an investment of $1.35 billion for infrastructure projects, its governor Babajide Sanwo-Olu said. Sanwo-Olu said the investment will be used to develop a bridge project, a creek project, and expand its light rail project in Lagos, the largest city in sub-Saharan Africa, with an estimated 20 million population. Lagos state last year shortlisted a consortium led by Portugal's builder Mota-Engil and two Chinese ventures to build a $2.5 billion bridge that is expected to relieve severe congestion in the mega-city. The Fourth Mainland Bridge will be…
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