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…

Power deal for Uganda and Sudan

Power deal for Uganda and Sudan

Power deal for Uganda and Sudan

Siemens has signed a memorandum of understanding (MoU) to work more closely with the African countries Uganda and Sudan in terms of power supply, industry, transport and healthcare. The African states signed the MoU at the World Economic Forum 2017 in the South African city of Durban. “Africa’s economies are gaining ground and can develop their full potential with the…

Chubb MENA makes four underwriting appointments

Chubb MENA makes four underwriting appointments

Chubb MENA makes four underwriting appointments

Chubb has made four appointments to its underwriting team in MENA, as it continues to build its insurance capabilities in the region. Adam Groves, currently senior underwriter, oil and energy for Chubb in MENA, has been promoted to the role of regional manager, oil and energy, MENA. He will continue to be based in Dubai, reporting to Mojgan Khoshabi, regional…

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

South Sudan and Equatorial Guinea agree oil and gas deal

Providing new opportunities for those in the oil and gas sectors, South Sudan and Equatorial Guinea have agreed a new bilateral relationship between the African oil and gas producers. The memorandum of cooperation was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons, HE Gabriel Mbaga Obiang Lima and South Sudan’s Minister of Petroleum HE Ezekiel Lol Gatkuoth. They will…

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Blaming a fast deteriorating economic picture, Fitch Ratings has affirmed Angola’s long-term foreign and local currency issuer default ratings (IDR) at B with a negative outlook. The issue ratings on Angola’s senior unsecured foreign currency bonds have also been affirmed at B. The country ceiling and the short-term foreign and local currency IDRs have also been affirmed at B. The…

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

West Africa: riding wave of $50 oil for growth

  The rise in the price of oil to $50 per barrel and above did not come overnight for the global oil and gas industry. Rather, it was the culmination of three strategic meetings to rein in production and stabilise the market. First was the ‘Algiers Accord’ of the 170th Extraordinary OPEC Conference in Algiers, Algeria on 28 September 2016.…

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