Market Watch | - Part 26

Gas shortages turn Nigeria’s Dangote to coal to power cement

LAGOS (Capital Markets in Africa) – Nigeria’s Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. “All our cement plants have been converted to coal,” Aliko Dangote, the company’s billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal each day. Dangote’s move is unusual in an era…

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

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LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Ivory Coast Said to Start Sucrivoire Share Sale Next Week

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ABIDJAN, Capital Markets in Africa: Ivory Coast will start selling its stake in Sucrivoire SA next week, ahead of the sugar producer’s listing on the regional exchange in Abidjan, the commercial capital, according to a person familiar with the matter. The government will sell its 23 percent stake in Sucrivoire at 13,000 CFA francs per share, raising about 14.7 billion francs ($25.1 million), said the person, who asked not to be identified because the matter is…

Access Bank to Sell Nigeria’s First Eurobond for Two Years

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LAGOS, Capital Markets in Africa: Access Bank Plc will start an investor roadshow Tuesday as it prepares to issue the first Eurobond from Nigeria in almost two years. Nigeria’s fourth-largest lender by assets will meet investors in the U.S. and Europe through Oct. 3 and wants to sell five-year debt, according to Chief Executive Officer Herbert Wigwe. Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will arrange the deal, he said. “It will be for working capital,…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

Algeria to Ramp Up Gas Output While Putting Shale on Backburner

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ALGIERS, Capital Markets in Africa: Algeria plans to raise natural-gas production almost 30 percent by the end of the decade though won’t tap its vast shale reserves for now. The North African country aims to pump 122 billion cubic meters of gas by 2020, up from 96 billion cubic meters currently, Energy Minister Noureddine Boutarfa said in an interview in Algiers. Conventional production, rather than shale, is the “immediate priority,” he said. Africa’s largest gas producer has…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

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LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

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