Finance | - Part 151

BP to Buy LNG From Eni’s Mozambique Field in 20-Year Accord

MAPUTO (Capital Markets in Africa) – BP Plc has agreed to buy the entire liquefied natural gas production from a field off Mozambique over a period of 20 years. The London-based company will purchase cargoes from the Coral South Floating LNG plant being developed by partners including Italy’s Eni SpA, which is due to get final approval by the end of this year, BP said in a statement on Tuesday. The project is expected to have a…

South Africa Picks Ports for $3.7 Billion LNG Infrastructure

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JOHANNESBURG (Capital Markets in Africa) – South Africa will invest $3.7 billion at the ports of Richards Bay and Coega to build infrastructure for a gas-to-power program aimed at easing the country’s dependence on coal. A plant at Richards Bay will generate 2,000 megawatts of electricity from liquefied natural gas imports, and another at the Coega industrial development zone will produce 1,000 megawatts, the Department of Energy said Monday. The government will seek bidders to manage the…

TV Star Joins Vitol in Stake in Biggest African Coal Port

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JOHANNESBURG (Capital Markets in Africa) – A South African coal entrepreneur who produced and starred in a reality TV show set in Cape Town has partnered with one of the world’s biggest commodity traders to buy a stake in the continent’s largest terminal for the fuel. Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined with Vitol SA to buy a 7.6 percent stake in Richards Bay Coal Terminal on South Africa’s northeastern coast. They have the…

Diamond Magnate at the Heart of Och-Ziff’s Africa Ambitions

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KINSHASA (Capital Markets in Africa) – Dan Gertler, an Israeli diamond tycoon, gave Och-Ziff access to some of the richest mineral deposits in Africa. Using his close ties to the president of the Democratic Republic of Congo, Gertler developed a virtual monopoly in the country’s diamond exports for a time. He then expanded into other types of mining, becoming a billionaire. Capitalizing on his resourcefulness, Och-Ziff Capital Management Group LLC created a joint venture in 2008 that invested in…

IMF Disburses Further $116 Million to Ghana in Bailout Plan

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ACCRA (Capital Markets in Africa) – The International Monetary Fund approved the release of a $116 million installment to Ghana after a review of economic and monetary reforms that are part of an almost $1 billion bailout plan for the West African nation. The total disbursements under the program amount to $465 million so far, the Washington-based lender said in an e-mailed statement on Wednesday. Ghana turned to the IMF in April 2015 after lower…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

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LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

Billionaire Christo Wiese Invests $1.8 Billion More in Steinhoff

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JOHANNESBURG, Capital Markets in Africa: Christo Wiese, South Africa’s richest man, is investing a further $1.8 billion in Steinhoff International Holdings NV to help finance the furniture retailer’s acquisition spree in Europe and North America. Steinhoff raised 2.45 billion euros ($2.74 billion) as it also sold shares to other investors, including a fund that’s linked to South Africa’s program to promote black ownership, the company said on Wednesday. Steinhoff shares rose 4.8 percent to 5.29 euros at 4:28 p.m. in…

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