Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

Long-tenor political risk insurance kickstarts $1.4bn clean energy investment in Africa

An insurance initiative has been launched to provide $1.4bn in additional clean energy investment across Africa. Munich Re, the African Trade Insurance Agency (ATI) and the European Investment Bank (EIB) have created the African Energy Guarantee Facility (AEGF) as the first dedicated reinsurance facility for sustainable energy projects across Africa. The joint initiative will tackle key investment challenges that have…

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil prices are unlikely to be impacted by geopolitical risk in 2018, according to risk analysis firm Verisk Maplecroft. It said only a serious escalation of troubles on the Korean Peninsula or between Saudi Arabia and Iran would impact the oil market this year, and both events are considered unlikely. However, in a report on the political risk outlook for…

Nigerian oil giant receives 577 bids for insurance programme

Nigerian oil giant receives 577 bids for insurance programme

Nigerian oil giant receives 577 bids for insurance programme

The Nigerian National Petroleum Corporation (NNPC) has publicly opened 577 bids submitted by firms seeking to secure the insurance renewal contract for the corporation’s oil and non-oil assets. NNPC group general manager, risk management and insurance, Modupe Bameke, said that, apart from being a requirement of the Bureau of Public Procurement, the public opening of bids has become part of…

Gas development boost in west Africa

Gas development boost in west Africa

Gas development boost in west Africa

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has signed a memorandum of understanding (MoU) with the government of Burkina Faso, to supply the west African country with liquefied natural gas (LNG) and build critical infrastructure to import, store and transport gas. The initial three-year agreement compels both sides to negotiate and sign a LNG sales and purchase agreement and a…

Guinea mine embroiled in bribery scandal

Guinea mine embroiled in bribery scandal

Guinea mine embroiled in bribery scandal

The UK’s Serious Fraud Office has announced an investigation into “suspected corruption in relation to the conduct of business in Guinea by the Rio Tinto group, its employees and others associated with it”. Last year, global mining giant Rio Tinto had reported itself to the UK regulator after allegedly discovering payments of $10.5m to a contractor, relating to an iron ore project in…

UK government flags willingness to invest in Nigeria

UK government flags willingness to invest in Nigeria

UK government flags willingness to invest in Nigeria

The British government is reported to have expressed readiness to invest in pipeline infrastructure, renewable energy, gas and power of the Nigerian oil and gas industry. British High Commissioner, His Excellency Paul Arkwright, said the UK government has genuine investment interest in the downstream, midstream and upstream sectors, stressing that the British Department for International Trade is ready to liaise with the…

Drive continues to deliver low cost power across Africa

Drive continues to deliver low cost power across Africa

Drive continues to deliver low cost power across Africa

Developing reliable power supplies across the continent is a global priority and a critical necessity to ensure Africa can reach its economic and human potential, and technology can be used to create reliable, sustainable, localised and more efficient energy networks. That was the message from George Njenga, GM, Steam Power Systems for Sub Saharan Africa, which he delivered to delegates…

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

A new project has just delivered street lighting to downtown Bujumbura, extending commercial hours and personal safety. The switch-on is part of a deal between the capital of Burundi’s Mayor Freddy Mbonimpa and Gigawatt Global, a founding member of US Power Africa’s Beyond the Grid programme. Solar-powered ‘light islands’ began appearing in the heavily-trafficked central bus station and nearby marketplace.…

Mining sector climbing back to profit

Mining sector climbing back to profit

Mining sector climbing back to profit

The world’s giant mining houses are reversing their race to the bottom, according to PwC’s Mine 2017 report. The report shows the top 40 companies have bolstered balance sheets and a return to profitability in 2016. At the release of the 14th edition of PwC’s industry series, Michal Kotzé, energy, utilities and mining industry leader for PwC Africa, said: “The…

Call for private sector to invest in Africa’s power industry

Call for private sector to invest in Africa’s power industry

Call for private sector to invest in Africa’s power industry

A new World Bank report has called for increased private sector investment in Africa’s underdeveloped electricity transmission infrastructure, a vital ingredient for reaching Africa’s energy goals. The continent needs some $3.2bn to $4.3bn invested annually between now and 2040 if it is to bridge its power gap. The report warns that Africa lags the rest of the world in terms…

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