CAIRO (Reuters) – Egypt’s government is subsidising diesel at a rate of about 55 billion Egyptian pounds ($2.92 billion) a year despite the first rise in the price of the fuel for three years, the prime minister said on Thursday. Egypt raised the price of diesel on Wednesday by 0.50 pounds to 7.25 pounds per …
Egypt subsidising diesel at cost of nearly $3 billion annually- PM Read More »
ABUJA (Reuters) -Nigeria’s naira hit a new low of 620 against the dollar on the black market, where it is freely traded, traders said on Thursday. Traders said individuals traveling for the summer holiday have worsened dollar scarcity, in addition to the rising demand for fuel and diesel import, to ease incessant power black outs …
Nigeria’s naira at new low of 620/$ on black market -traders Read More »
(Reuters) -South African state power utility Eskom said on Thursday that it expected to implement lower levels of power cuts next week as some generation units return to service. Last month Eskom started implementing so-called “Stage 6” power cuts for only the second time in its history, meaning most South Africans were without power for …
S.Africa’s Eskom expects lower levels of power cuts next week Read More »
MAPUTO (Reuters) – The World Bank has approved a grant of $300 million to Mozambique as part of efforts to help revitalise the southern African nation’s economy, the multilateral lender said in a statement. “This operation supports the country’s recovery from COVID-19 and structural reforms to foster sustained growth, while providing much-needed financing to alleviate …
World Bank approves $300 million grant to Mozambique Read More »
(Corrects spelling of Guinness in media tag) DAKAR (Reuters) – Beverage company Diageo has agreed to sell its Guinness Cameroon brewery to France’s Castel Group for 389 million pounds ($459.8 million), the company said in a statement on Thursday. Castel will take over the production and nationwide distribution of Guinness in Cameroon under a licence …
Diageo to sell Guinness Cameroon to Castel Group for 389 million pounds Read More »
CAPE TOWN (Reuters) – South Africa has released new draft rules for public comment for onshore shale gas fracking, four years after the Supreme Court of Appeal set aside regulations governing hydraulic fracturing in the ecologically sensitive Karoo region. The proposed regulations and minimum requirements apply to the exploration and production of onshore oil and …
South Africa releases draft shale gas regulations Read More »
By Vuyani Ndaba JOHANNESBURG (Reuters) – The South African Reserve Bank will raise its benchmark interest rate by 50 basis points to 5.25% next Thursday as it tries to rein in quicker inflation, a Reuters poll found. In a July 7-13 poll, 19 of 23 economists expected a half-point hike to 5.25%, with the other …
South African Reserve Bank to hike repo rate 50 bps on July 21 Read More »
DAKAR (Reuters) – Final investment decisions should be made for phase 2 of Senegal’s Greater Tortue Ahmeyim (GTA) gas project by September and for the Yakaar-Teranga project by the end of the year, a senior Senegalese energy official said on Wednesday. BP and U.S.-listed Kosmos Energy are leading development of GTA and Yakaar-Teranga, Senegal’s first …
Senegal gas projects near final investment decisions Read More »
By Rachel Savage and Cooper Inveen ACCRA/LONDON (Reuters) – The International Monetary Fund (IMF) will work with Ghana’s government to develop a potential support programme, it said on Wednesday, citing a “challenging economic and social situation” after a week-long visit to the West African nation. Hundreds took to the streets of Ghana’s capital Accra last …
IMF says it will work with Ghana government towards programme Read More »
TRIPOLI (Reuters) – The head of Libya’s National Oil Corp (NOC) on Wednesday rejected the prime minister’s authority to sack him, raising the prospect of an open struggle for control of the state energy producer. In a furious televised speech, Mustafa Sanalla said Prime Minister Abdulhamid al-Dbeibah’s mandate to govern had expired and warned him …
Libya’s oil chief rejects sacking, says govt mandate expired Read More »
