Finance | - Part 137

China’s Sinopec nears deal to buy Chevron’s South African assets

LAGOS (Capital Markets in Africa) – China’s Sinopec is nearing a deal to buy Chevron’s South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said. China Petroleum and Chemical Corp, or Sinopec, Asia’s largest oil refiner, was the last bidder remaining, and close to a deal with Chevron after an auction that spanned more than a year for its refinery,…

Sonatrach, ENI get 34 bids for Algerian solar power plant

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ALGIERS (Capital Markets in Africa) – Algerian state energy firm Sonatrach and Italy’s ENI have bids from 34 international firms to build a 10 megawatt solar power plant at Bir Rebaa North (BRN) in eastern Algeria, a Sonatrach source said. Major oil and gas producer Algeria is looking to expand into solar energy as it tries to meet growing domestic energy demand and officials say the North African country will soon launch a major project…

Mota-Engil, CMEC of China Win $2.3 Billion Mozambique Project

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MAPUTO (Capital Markets in Africa) – Thai Mocambique Logistics SA, which is developing a $2.3 billion railway and port to export coal from central Mozambique, awarded the construction contract to Mota-Engil SGPS SA and China National Complete Engineering Corp. An agreement is expected to be signed next month, TML Chief Executive Officer Jose Pires da Fonseca said in an interview Tuesday in the Mozambican capital, Maputo. The total cost of the project, which will include a deep-water harbor…

Preview of South Africa’s Budget Speech 2017

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JOHANNESBURG (Capital Markets in Africa) – The upcoming Budget will be a critical one given there is no more room for the upward revision of deficit targets as seen over the last few years. As a result of the current slow growth environment, the tax increases and expenditure cuts set in October’s Medium-term Budget have to be adhered to if Treasury is to deliver a positive Budget. This is according to Senior Economist, Johann Els,…

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia

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MAPUTO (Capital Markets in Africa) – Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years. The…

USTDA Promotes Solar Energy Development in Burkina Faso

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LAGOS (Capital Markets in Africa) – The U.S. Trade and Development Agency awarded a grant to Société de Production d’Energie Solaire de Kodéni SAS today for a feasibility study for two 17 megawatt solar photovoltaic plants near the villages of Pá and Kodéni in Burkina Faso. The solar plants are being developed by BioTherm Energy, a South African renewable energy company. Burkina Faso has one of the least developed energy sectors in Sub-Saharan Africa. Less…

African renewable energy projects compete for a share of US$7million

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LAGOS (Capital Markets in Africa) – Access Power a developer, owner and operator of power projects in emerging markets and a Power Africa partner, today announced the launch of ACF 2017, the third edition of the highly successful funding and support platform for renewable energy projects in Africa. The official opening of the submissions process was announced today at the Power Africa Annual Partners Meeting in Washington, D.C. Now in its third year, the ACF…

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