Tanzania Petroleum Development Corporation(TPDC) is currently seeking a transaction adviser in regards to it US$ 30bn natural gas project that is currently entering a vital developmental stage. This comes hardly a month after one of the gas pipeline development partners signified that it would be signing the Host Government Agreement with Tanzania later this year…
Details The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month. Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale…
Details The federal government of Nigeria has signed a US $6.7bn contract agreement for the Ibadan-Kaduna segment of the Lagos-Kano rail line with China Civil Engineering Construction Corporation (CCECC). Commenting on the signed agreement, Yetunde Sonaike, Press Director, Federal Ministry of Transportation stated that the Minister of Transportation, Rotimi Amaechi, signed the contract and said the agreement was for the implementation of…
Details Chinese investment in Africa could be accelerating debt on the continent and creating economies which are “entirely dependent on China”, according to financial experts. Around $86bn (£64bn) in loans were issued by China between 2000 and 2014 to finance over 3,000 infrastructure projects in Africa. But as leaders gather in Beijing for China’s Belt and Road Summit this week, under…
Details The government on Tuesday re-affirmed its commitment to renewable energy as part of the country’s energy mix while dodging any mention of its plans for nuclear energy. Energy minister Jeff Radebe delivered a keynote address at the African Utility Week conference that kicked off at the Cape Town International Convention Centre on Tuesday. He also…
Details In the last few months much has been written about the overwhelming demand experienced by African eurobond issuers. Nigeria, Kenya, Egypt and more recently Ivory Coast have all come out smiling, having issued bonds at low rates that were unimaginable just a few years back. While “kudos” might be the appropriate response to these issuers’…
Details After selling $2 billion of Eurobonds, Ghana will prioritize lowering its interest burden and raising revenue to make sure it can continue to service debt, said Finance Minister Ken Ofori-Atta. The nation sold the securities on Thursday at the lowest rate this year for a sub-Saharan African country whose credit assessment is at B, the…
Details Billionaire Beny Steinmetz is back to mining diamonds. The Koidu mine in Sierra Leone, controlled by the billionaire’s family trust, has started mining again after halting production for almost a year. It’s the latest step in a recovery for a business that’s spent much of the last few years in deep trouble. While the mine produces some…
Details The federal government of Nigeria is set to dole out US $200m to electric distribution companies in the country to boost power supply and increase consumers confidence. The project,which is being executed by Transmission Company of Nigeria, TCN and generation companies will lead to a significant improvement in the quality of power supply to the…
Details Aspen Pharmacare Holdings Ltd.’s infant formula business has drawn interest from companies including Reckitt Benckiser Group Plc and Perrigo Co., as the largest African drugmaker evaluates options for the business, people familiar with the matter said. Family-owned French dairy group Lactalis and Australia’s iNova Pharmaceuticals, controlled by Pacific Equity Partners and Carlyle Group LP, are also weighing offers…
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