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.
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
Côte d'Ivoire ranked first on gender equality within the Economic Community of West African States (ECOWAS) with a score of 0.708, above the regional...
Public accelerator Algeria Venture launched AventureCloudz on Thursday, April 30, a cloud platform for software developers, hosted on Algerian soil and...
Cameroon awards five oil blocks to Murphy Oil and Octavia Four of nine blocks unassigned, reflecting cautious investor interest Deals enter...
Lotus Resources announced on Wednesday, April 29, the successful completion of the first phase of a drilling program at its Letlhakane uranium project...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....