As fuel scarcity persists in Nigeria, various filling stations are taking full advantage of the ongoing supply shortage by violating market regulations laid down by the Department of Petroleum Resources (DPR). So far 97 filling stations in both Lagos and Ogun states have been sealed by the (DPR) for market violations. According to the DPR, in a statement the retail outlets violated various...

Algeria’s EnergyMinister, Salah Khebri, and Benin’s Minister of Oil and Mines, Mensah Spéro (photo), in a meeting on Monday discussed ways to strengthen cooperation in the energy sector. The meeting which was held in Algiers was an opportunity to discuss cooperation between the two countries in terms of supply of hydrocarbons, liquefied natural gas and other oil products to Benin. At the...

In Sierra Leone, towards boosting relations with African states, Iranian oil engineering company (NIOEC)’s director Aliasgar Sajedi on Monday, announced that negotiations were ongoing to build an oil refinery in the country. Sajedi while speaking in a local gathering repeated that his country has to this point held several negotiations with European, Asian and African countries for the...

In Nigeria, the Chief Executive Officer of Ultimate Gas Limited, Mr. Auwalu Ilu (photo) on Monday revealed that Nigeria LNG Limited (NLNG)’s supply of Liquefied Petroleum Gas (LPG) to the domestic market has drop from 90% to 30%, due to the challenges of infrastructure and logistics. Mr. Auwalu declared this at the just-concluded 5th Annual Conference of the Nigeria LPG Association. He...

In Tunisia, national oil and gas production is estimated to reach approximately 5.1 million tonne of oil equivalent in 2016, while that of phosphate will reach 6 million tonnes, Industry, Energy and Mines Minister Zakaria Hamad revealed. While speaking at a House of the People's Representatives' plenary session on Sunday, Mr. Zakaria noted that the likely boost in oil and natural gas production...

The Financial Stability Board (FSB) is currently establishing an industry-led taskforce dedicated to financial risks posed by climate change. Headed by founder of Bloomberg LP, Michael R. Bloomberg, this Task Force on Climate-Related Disclosures (TFCD) is to provide, on free-basis, information to companies such as insurers, investors and lenders. The TFCD’s objective will be reached in two...

Despite its economic downturn, China still plans not to reduce its financing to Africa which it has been supporting for more than a decade now. As a matter of fact, Chinese President Xi Jinping announced on Friday, December 4, at the opening session of the 6th edition of Forum on China-Africa Cooperation (FOCAC) held in Johannesburg, that his country would invest $60 billion into Africa’s...

Intra Energy Corporation Ltd (IEC), producer and developer of thermal coal in Eastern Africa, has decided to joint-venture with Sinohydro Corporation Ltd to assess the development potential of its 200 MW coal-powered Ngaka plant, located at the tancoal mine in Tanzania. Both groups signed a memorandum of understanding according to which they are to complete the feasibility study and financing...

The much awaited 168th Organization of the Petroleum Exporting Countries’ (OPEC) meeting kick-started on Friday in Vienna with oil price falling to $40 per barrel, as the group agreed to maintain production at 30 million bpd, in spite of an oversupply in the market. For five hours oil ministers of member countries of OPEC, discussed issues like oil production levels, prices, supply from...

From January 1, 2007 to June 30, 2015, a total of $6.1 billion has been injected in West Africa by private equity funds, a report from African Private Equity and Venture Capital Association/AVCA reveals. Overall, 311 transactions were conducted over the reviewed period, the same source stated. However, the distribution of these transactions by country shows strong disparities. In fact, 65%...