Public Management

Benin Temporarily Reopens Port to Niger Oil

Benin Temporarily Reopens Port to Niger Oil
Thursday, 16 May 2024 11:34

After a nine-day standoff, Benin has announced a partial lifting of the blockade on Niger’s crude oil exports passing through its territory. This move comes amid a diplomatic tussle between the two neighbors.

The blockade, imposed on May 6, aimed to pressure Niger to reopen its land borders, which have been closed since last year. Benin's action underscored its determination to reopen formal economic exchanges, including oil transit, through its territory.

The decision to partially lift the blockade followed mediation led by Chinese officials who arrived in Cotonou on Wednesday morning. The Chinese delegation, headed by the Ambassador to Benin, engaged with the Beninese President and sector officials.

They agreed that Benin would allow Chinese vessels to load the first available volumes of Niger’s crude. However, the Beninese Energy Minister stressed that this authorization will not be a guideline for the operation of the Benin-Niger pipeline. He assured that Benin had no intention to harm Niger's interests or those of their common partner, China.

The Benin minister said this thawing opens the door to talks between both parties but mentioned no date. The discussions aim to address urgent issues related to the proper conduct of operations.

For Niger, the resumption of crude shipments ensures timely repayment of its $400 million loan from China, secured against oil revenues. The loan carries a 7% interest rate and a one-year repayment period.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
EBRD, EU, GCF, and Canada plan €65 mln ($77 mln) green loan for Crédit du Maroc. Funds to support clean energy, water treatment, and sustainable...
World Bank projects Ivory Coast could achieve 7-8% average annual growth with fiscal mobilization above 15% of GDP. Ivory Coast's tax revenue...
• NSIF denies rumors of interest in buying Chococam, saying it is focused on other projects.• Cadyst Invest, linked to Célestin Tawamba, is rumored to...
• AXA sells 80% of AXA Crédit Morocco to Stellantis’ Fidis arm• Stellantis to offer bundled car sales, financing, and insurance• Move aligns with...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
03

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
04

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
05

Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...

Sub-Saharan Africa Crypto Transactions Up 52% to $205B on Inflation, Inclusion Push
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.