North Africa |

Egypt Calls for Less LNG in Tender as Domestic Gas Boost Looms

CAIRO (Capital Markets in Africa) – State-run Egyptian Natural Gas Holding Co. is seeking 12 LNG cargoes for delivery in the first quarter of 2018 in a tender, according to two people with direct knowledge. That compares with more than 100 cargoes it planned to purchase via tenders or government-to-government contracts for this year. Traders are monitoring how much LNG Egypt will buy next year as Africa’s biggest gas market weighs it needs for imports against a…

Egypt’s $18 Billion Debt Inflows Seen Peaking as Rate Cut Looms

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Foreign investors may be finally curbing their enthusiasm for Egyptian local-currency debt. After almost a year and $18 billion of purchases, some investors have allocated all they can to Egypt. The inflows from foreign funds are still growing, but the pace has slowed to an average of 2 percent a week since mid-August, down from 8 percent, as policy makers signaled they may lower record interest rates once inflation eases. The surge…

Libya Oil Output Set to Recover Following Sharara Brief Halt

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TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

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…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

Moody’s affirms Egypt’s B3 rating; maintains stable outlook

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CAIRO (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the Government of Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation is based on Moody’s view that the B3 rating appropriately captures Egypt’s credit risk profile. Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt’s external liquidity position has…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook. Moody’s has also downgraded the foreign currency debt rating of the Central Bank of Tunisia to B1 from Ba3 and maintained the negative outlook, in addition to downgrading the shelf/MTN rating to (P)B1 from (P)Ba3. The Government of Tunisia is legally responsible for the payments…

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