The Editorial Team |

As Emerging-Market Assets Tumble, South Africa Sells Eurobonds

JOHANNESBURG (Capital Markets in Africa) – South Africa offered a premium for selling Eurobonds just as investors are fleeing emerging-market assets. That it got a sale away at all is evidence of investors’ faith in the country’s new leadership, according to Manulife Asset Management Ltd. and Rand Merchant Bank. Africa’s most industrialized economy raised $2 billion from notes maturing in 2030 and 2048, and priced at 5.875 percent and 6.3 percent respectively, the National Treasury said in an emailed…

Tunisia’s Central Bank Holds Its Key Rate Amid High Inflation

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TUNIS (Capital Markets in Africa) – Tunisia’s central bank kept its benchmark interest rate unchanged, as high inflation complicates efforts to overhaul an economy that’s seen little in the way of foreign investment since its 2011 uprising. The decision to hold the rate at 5.75 percent came after Tunisia posted a stronger than expected 2.5 percent rise in economic growth in the first quarter of 2018, compared to 1.9 percent a year earlier. The annual inflation rate…

More Pain May Come for Nigeria’s Loss-Making Oil Behemoth

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LAGOS (Capital Markets in Africa) – It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. Nigerian National Petroleum Corp., the Abuja-based behemoth that dominates the OPEC member’s energy industry, has made losses for at least the last three years, statements on its website show. It will probably register another in 2018, according to Ecobank Transnational Inc., as its refineries and fuel-retailing arm fail to generate…

Morgan Stanley Says a Shipping Revolution Has Oil Headed for $90

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LAGOS (Capital Markets in Africa) – Forget Iran and OPEC — there’s another issue that will keep oil prices supported for the next two years, according to Morgan Stanley. Brent crude will reach $90 a barrel by 2020 as new international shipping regulations take effect, overhauling the types of fuels produced by refiners, the bank’s analysts said in a report. The changes, which force vessels to consume lower sulphur fuels beginning in January of that…

MRPDA Amendment Bill: Key Amendments for the South African Oil and Gas Industry

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LAGOS (Capital Markets in Africa) – The principal South African upstream oil and gas legislation, the Mineral and Petroleum Resources Development Act, 28 of 2002 (MPRDA), has been in flux since 2013 when the first draft the Mineral and Petroleum Resources Development Amendment Bill, 15 of 2015 (the Bill) was published. On 16 December 2015, following the Bill’s passage through the South African National Assembly (the lower house of Parliament), the President exercised the power…

Nigerian Oil and Gas Sector: Regulations and Incentives

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LAGOS (Capital Markets in Africa) – Nigeria is currently facing significant challenges in its petroleum industry because of the volatility of oil prices1, pipeline vandalism and illegal refining. It is clear that the country must reduce its reliance on crude oil income by developing its midstream and downstream sectors and leveraging on its natural gas reserves. The existing petroleum regulatory framework however discourages investment in the sector and has proved to lack the requisite comprehensiveness…

Mozambique Oil and Gas: Regulations and Opportunities

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LAGOS (Capital Markets in Africa) – Mozambique has being recently placed among the global major players in the oil & gas sector. This new position is due to significant natural gas discoveries in the country’s northern Rovuma Basin. Despite having activity in the hydrocarbons sector for many decades, just in 2012 these massive offshore started to transform Mozambique’s reality. They added ambitious expectations to the country to become a key player in the LNG global…

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