The Editorial Team |

Botswana to Name Developer of $4 Billion Plant by December

GABONORE (Capital Markets in Africa) – Botswana Oil Limited will decide by December on a company to build and operate a $4 billion coal-to-liquids plant, a facility it said may meet as much as 80 percent of the southern African country’s fuel demand. The state-owned oil firm received 11 bids by its August deadline and is subjecting them to “highly technical assessments,” spokeswoman Matida Mmipi said Monday by phone from the capital, Gaborone. She declined to…

Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

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ALGIERS (Capital Markets in Africa) – Algeria will focus on boosting natural gas production as the Organization of Petroleum Exporting Countries seeks to trim oil supplies to counter a global glut, according to the chief executive officer of the nation’s state-owned energy company Sonatrach Group. “As we are restricted by the OPEC quotas, our strategy today is to increase our gas production capacity,” CEO Abdelmoumen Ould Kaddour told reporters Tuesday visiting the Medgaz pipeline in Beni Saf…

Development Agencies Investing $1.6 Billion in Nigeria Power

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LAGOS (Capital Markets in Africa) – International development agencies are investing $1.6 billion in Nigeria’s plan to expand its power-grid capacity threefold in four years, the head of the country’s transmission company said. The World Bank, the French Development Agency, the European Union and the Islamic Development Bank are among agencies committing funds to projects in Nigeria to boost transmission capacity to 20,000 megawatts from the current 7,000 megawatts, Usman Mohammed, managing director of state-owned Transmission Company…

Opposition Starts Protests in Kenya as Election Standoff Deepens

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition group began protests in the capital to press its demand for changes to the electoral commission before next month’s presidential election rerun, as it accused the body of working with the ruling Jubilee Party to prepare another fraudulent vote. Police fired teargas to disperse hundreds of National Super Alliance supporters who gathered outside the Independent Electoral & Boundaries Commission’s offices in the Nairobi city center on…

Biggest Gem Found in a Century Finally Sells for $53 Million

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GABORONE (Capital Markets in Africa) – Size isn’t everything in the diamond market, especially for the biggest gem found in more than a century and which took more than a year to sell. Lucara Diamond Corporation finally sold the 1,109-carat Lesedi La Rona diamond for $53 million, or $47,777 a carat, on Monday to Graff Diamonds, Vancouver-based Lucara said in a statement. While it’s significantly bigger than the 813-carat Constellation stone Lucara found at the same time, that stone sold for a…

Angola Gets New Leader After 38 Years as Lourenco Sworn in

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LUANDA (Capital Markets in Africa) – Joao Lourenco was sworn in as president of Angola in a ceremony marking the first leadership change in almost four decades in sub-Saharan Africa’s second-biggest oil producer. The 63-year-old former defence minister takes over from Jose Eduardo dos Santos, who steps down after 38 years in office but will continue to lead the ruling Popular Movement for the Liberation of Angola until next year. The MPLA won 61 percent of…

Top Bond Guru Pulls Back From Brazil and Heads to Africa

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LAGOS (Capital Markets in Africa) – One of the top investors in emerging-market bonds is putting his money in Africa. Stone Harbor Investment Partners’s Jim Craige, who manages the world’s best-performing fund this year, is buying dollar-denominated debt from Angola, Ghana, Gabon, Ivory Coast and Zambia, while paring holdings from Brazil and Mexico. He says sub-Saharan countries were unfairly punished in 2016 and now present the best value in developing nations. After a multi-year rally sent…

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