Finance | - Part 99

Kenya Drops Budget Cap to Reach Oil-Cash Deal, Lawmakers Say

NAIROBI (Capital Markets in Africa) – Kenya agreed to drop budget-allocation limits for oil-rich counties in order to break a deadlock in passing a revenue-sharing law that’s delayed production. The Petroleum Exploration, Development and Production Bill, which was presented to lawmakers in February and later withdrawn, proposed giving communities 5 percent of revenue and county administrations receiving 20 percent provided those amounts did not exceed budget allocations by the national government. The local community’s share was…

Glencore Said to Face U.K. Bribery Probe Over Congo Dealings

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JOHANNESBURG (Capital Markets in Africa) – The U.K.’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore Plc and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo, according to two people with knowledge of the matter. Investigators at the Serious Fraud Office plan to seek formal approval for a full probe into Glencore’s dealings in Congo, said the people, who declined to be identified because the matter isn’t…

Congo Billionaire Seeks French Loan to Develop Iron-Ore Railway

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KINSHASA (Capital Markets in Africa) – Paul Obambi, a billionaire investor in the Congo Republic, is in talks with French lenders to fund a railway he’s building to export iron ore. Obambi’s company SAPRO SA is negotiating with “a consortium of banks” to finance the 450-kilometer (280-mile) track that will link the southwestern town of Mayoko to a port at Pointe Noire, he said in a phone interview from Paris on Tuesday. Construction is expected…

Nigerian Lawmakers Raise 2018 Spending Plans to $25 Billion

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LAGOS (Capital Markets in Africa) – Nigerian lawmakers increased spending plans for 2018 by almost 6 percent from what President Muhammadu Buhari proposed in November. Of the new suggested budget of 9.1 trillion naira ($25 billion), 3.5 trillion naira is for recurrent expenditure, 2.8 trillion naira for capital spending and 2.2 trillion naira for debt servicing, according to a paper of proceedings in the House of Representatives released Tuesday. Provisions are also made for statutory transfers and…

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…

Oil and Gas Merger and Acquisition in Africa: Key Trends and Prospects

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LAGOS (Capital Markets in Africa) – This article explores some of the significant trends that have emerged from recent oil and gas upstream deal activity in Africa following in the aftermath of 2015’s oil price crash, as well as considering the outlook for future transactions and the dynamics in play that influence acquisitions and disposals in the industry. Africa feels the benefits of oil price stability Looking from a macro perspective, 2017 saw welcome stability…

Financing and Structuring LNG Projects in Africa

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LAGOS (Capital Markets in Africa) – Standard Bank is one of Africa’s leading banks, with an on the ground presence in 20 African countries. The bank has an established Oil & Gas practice which serves relationships and executes transactions across the upstream, midstream and downstream sectors. Africa’s Current LNG Position Africa started early in LNG, with Algeria exporting its first cargo to the UK as far back as 1964. Subsequently, until 2017, despite its established…

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