Although advantageous, local currency financing for off-grid renewables projects and businesses in Africa is still limited, according to a new report released by the African Development Bank (https://www.AfDB.org/). The report, Exploring the Role of Guarantee Products in Supporting Local Currency Financing of Sustainable Off-Grid Energy Projects in Africa, summarized findings of an in-depth study of …read more →
ENERGY
British Emerging Africa Infrastructure Fund Pumps $31mn in Energy Project in Ghana
The British Emerging Africa Infrastructure Fund (EAIF), managed by Ninety One, agreed to grant a 10-year loan worth $31 million to LNG BV, a joint venture between Helios Investment Partners and Gasfin Development, which develops and operates natural gas facilities for developing countries. The credit line will finance the construction of an LNG regasification unit at …read more →
CBN Creates Intervention Fund for Solar Energy Infrastructure Development
The Central Bank of Nigeria (CBN) said it has introduced an intervention fund to support the growth of solar energy development in the country in line with government policy to boost power supply. The regulatory bank in its guidelines on the Solar Connection Intervention Facility said that the move was to complement the Federal government’s effort …read more →
BUA Group Plans to Build 200,000 Bpd Capacity Refinery in Akwa Ibom
The BUA Group is planning to construct a 200,000 barrel per day (bpd) refinery and petrochemicals plant in Akwa Ibom, the French company that won the contract for the project has revealed. France’s Axens said in a statement that it has been selected for the multibillion-dollar Petrochemicals and Refinery plant in Nigeria. This announcement is …read more →
Belarus President pledges new oil, gas infrastructure by 2025
President Alexander Lukashenko said Belarus will develop new oil and gas infrastructure by 2025 during an address to parliament and the nation. Belarus is looking to increase supply options after disputes with Russia have hit supply volumes. As a key transit route, tension between Russia and Belarus also raises risks for Russian oil and gas …read more →
Shell Petroleum Opens Dialogue with Communities on Development Initiatives
Shell Petroleum Development Company, SPDC said it has begun discussions with 12 host communities in Bayelsa which demanded upward review of development obligations. SPDC’s Media Relations Manager, Bamidele Odugbesan said the company was engaging representatives of its EA oilfields on the issues raised. “We are engaging the leadership of the communities for a peaceful resolution …read more →
World’s largest green hydrogen facility to be constructed in Saudi Arabia
The world’s largest green hydrogen facility is set to be constructed in the North West corner of the Kingdom of Saudi Arabia. The US $5bn plant will supply 650 tons per day of carbon-free hydrogen for transportation globally and spare the world of 3 million tons of carbon dioxide every year. The joint venture project …read more →
Saudi Aramco, China’s CNPC and Exxon Mobil to Cut Greenhouse Gas Emissions
A group of the world’s top oil companies including Saudi Aramco, China’s CNPC and Exxon Mobil have set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector’s climate stance grows. However, the target set by the 12 members of the Oil and Gas Climate Initiative (OGCI) …read more →
$7.6 Billion Train-7 Project Good to Go as NCDMB, NLNG, Contractors Agree
The $7.6 billion train-7 project is set to commence in earnest as the Nigerian Content Development and Monitoring Board, NCDMB, and the Nigerian Liquefied Natural Gas Limited, NLNG have held the kick-off meeting for the engineering, procurement and construction components of the project. The meeting which was held virtually, provided the opportunity for NCDMB to …read more →
Saudi Aramco Cuts Crude Oil Shipments Loading for July
Saudi Arabia’s oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia, Reuters reported on Monday, quoting sources familiar with the plans. The move from OPEC’s top producer and the world’s largest oil exporter comes after Saudi Arabia hiked its official selling prices (OSPs) for …read more →