Africa & Middle East Headlines

Niger: Government Wins Bid for Reduction in Refinery Repayment Rate

The government was won its bid to renegotiate a loan provided to it to cover the cost of a refinery built on the country’s east coast after the final cost price rocketed in the space between the original signing of the agreement and the completion of construction. Niger renegotiated the $980m loan it took out with China’s Import-Export Bank after an audit of the price in November. 


Nigeria: Government Signs Deal to Build Six New Refineries

The Nigerian government has signed an agreement with the Petroleum Refining and Strategic Reserve and the USA’s Vulcan Petroleum Resources to develop six new refineries, two of which will be open within a year. The announcement comes a few days after president Goodluck Jonathan (pictured) addressed the country about the unrest and protests that came about after the government decided to away with costly fuel subsidies. 


Cameroon: Government Raises Fuel Subsidy

The government has decided to raise fuel subsidies by 24% in an effort to try and compensate for the rising price of crude globally, the country’s finance ministry has announced. The budget allocation for subsidies will be raised to 400bn CFA francs – 14% of the country’s entire national budget for the year – up from 323bn francs the year before. 

Nigeria: Union Threatens Strike Over Subsidy Payments

A Nigerian importers union has said that it will cease operations at the country’s depots if outstanding fuel subsidy payments are not made. Fuel subsidies, which were abolished in January by President Goodluck Jonathan (pictured), only to be reinstated following a national strike, are a substantial drain on Africa's second-largest economy, and authorities are currently investigating corruption within the subsidy regime.

Equatorial Guinea: Government Seeks Deeper Ties with Sinopec

Equatorial Guinea is seeking to strengthen its alliance with China Petrochemical Corporation (Sinopec), with the Government approaching the firm about developing a downstream complex in the country. Gabriel M. Obiang Lima (pictured), Minister of Mines, Industry and Energy, told Dow Jones Newswires, said that the Government was seeking to develop a 20,000 bpd refining complex that could later be expanded to 60,000 bpd.

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