U.S. Imports of Nigerian Crude Halve in January Amid Rising African Competition The United States sharply reduced its imports of Nigeria’s crude oil in January 2026, cutting volumes by nearly half and highlighting intensifying competition in Africa’s oil sector. Data from the U.S. Census Bureau and Bureau of Economic Analysis show imports fell 47.2% month-on-month, declining from 3.15 million barrels in December 2025 to 1.66 million barrels in January, marking one of the steepest short-term
Botswana in Talks to Acquire 30% of Angola’s Lobito Oil Refinery Amid Global Fuel Supply Concerns Botswana is moving to secure a stake in a multi-billion-dollar oil refinery project in Angola as countries worldwide seek to safeguard fuel supplies amid rising geopolitical tensions in the Strait of Hormuz. The initiative reflects Botswana’s efforts to strengthen its energy security and reduce vulnerability to global supply disruptions. As a landlocked nation that produces no crude oil, Botswana
Lucara Diamond Raises $350m in Senior Secured Bonds to Fund Karowe Underground Project Completion in Botswana Canada-headquartered Lucara Diamond Corp has successfully closed a $350 million senior secured bond issuance, providing the financial certainty required to advance its Karowe Underground Project in Botswana through to completion. The five-year bonds carry a fixed annual coupon rate of 12.5%, with interest payments scheduled on a quarterly basis. Proceeds from the financing have been used to fully repay
Chevron Reports Extensive Cyclone Damage at Wheatstone LNG Facility in Australia, Full Production Delayed for Weeks Chevron Corporation said on Tuesday that downstream infrastructure at its Wheatstone LNG Plant in Western Australia sustained significant damage following a tropical cyclone, leaving both production trains temporarily offline. Danny Woodall confirmed that the two liquefied natural gas (LNG) processing trains at the 8.9-million-tonne-per-year facility remain shut after Tropical Cyclone Narelle struck the region last week. Speaking at the
De Beers Names Jillian Wolk as CEO of Tracr to Lead Next Phase of Diamond Traceability and Transparency Jillian Wolk has been appointed Chief Executive Officer of Tracr, the diamond traceability subsidiary of De Beers Group, effective May 1. She succeeds Wesley Tucker, who stepped down at the end of February after leading the business through its formative and scaling stages. Wolk brings extensive leadership experience across the jewellery, luxury and technology sectors. Most recently,
Afreximbank Underwrites $2.5bn for Dangote Refinery in $4bn Deal to Boost Africa’s Energy Security and Industrial Growth The African Export-Import Bank has underwritten US$2.5 billion of a US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals, a move expected to reinforce Africa’s largest refining complex and accelerate the continent’s industrial development agenda. The five-year financing facility, arranged in partnership with Access Bank, is designed to consolidate existing debt, optimise the refinery’s capital
Rio Tinto Ends Production at Diavik Diamond Mine in Canada After Producing 150 Million Carats Rio Tinto has officially marked the end of production at its Diavik diamond mine in Canada’s Northwest Territories, concluding more than two decades of operations that yielded over 150 million carats of rough diamonds. Located approximately 220 km south of the Arctic Circle beneath Lac de Gras, Diavik was discovered in 1991 and began production in 2003. The operation, comprising
Angola Launches $2.5 Billion Dollar Bond Sale Boosted by Higher Oil Prices Angola is set to raise $2.5 billion through the sale of dollar-denominated bonds, capitalizing on higher oil prices driven by the Iran–Israel conflict to attract strong investor demand. Africa’s third-largest oil producer is offering $1.5 billion in seven-year bonds at a yield of 9.375% and $1 billion in 11-year bonds at 9.875%, according to a source familiar with the matter. Both yields are
Spain and Algeria in Talks to Increase Gas Supply by 10% Through Medgaz Pipeline Amid European Energy Concerns Spain and Algeria are in advanced negotiations to increase gas supplies through the Medgaz pipeline, potentially boosting flows by up to 10%, as Europe seeks more secure energy sources amid geopolitical tensions. Two sources familiar with the discussions told Reuters that a preliminary agreement could be reached during Spanish Foreign Minister José Manuel Albares’ visit to Algiers
Dangote Petroleum Refinery Strengthens Africa’s Energy Security with 456,000 Tonnes of Fuel Exports Dangote Petroleum Refinery has exported 456,000 tonnes of refined petroleum products to five African countries, marking a major milestone in regional energy supply. The company shipped 12 cargoes of fuel to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo. These exports followed the refinery reaching its full production capacity of 650,000 barrels per day in February. Products were sold on a Free on
