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Category: Corporate News

Corporate News Oil

Dangote Group Remits N402.3 Billion in Taxes, Strengthens Market Dominance

Dangote Industries Limited (DIL) and its subsidiaries have announced a tax remittance of over N402.3 billion for 2024, making the group the highest taxpayer in Nigeria. Speaking at a media briefing in Lagos, Anthony Chiejina, Chief Branding and Communication Officer of Dangote Group, highlighted that the payment includes contributions from key subsidiaries such as Dangote Cement, NASCON, and Dangote Packaging Limited. “As a responsible business entity, Dangote Group remains committed to fulfilling its tax obligations

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Corporate News Oil

NNPC Negotiates New Naira-for-Crude Deal with Dangote Refinery

The Nigerian National Petroleum Company (NNPC) Limited has confirmed ongoing negotiations for a renewed naira-for-crude agreement with Dangote Petroleum Refinery. This clarification comes amid concerns over a potential hike in petrol prices following reports that NNPC had halted its crude supply deal with Dangote and other local refineries. In a statement signed by Chief Corporate Communications Officer Olufemi Soneye, NNPC explained that the initial agreement was structured as a six-month contract set to expire in

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Corporate News Diamonds International

Debswana Accelerates Sustainability Drive with Decarbonization and Renewable Energy Initiatives

Debswana Diamond Company is advancing its sustainability efforts to meet the rising global demand for ethically and environmentally sourced diamonds. The mining giant is intensifying its transition to a low-carbon future by enhancing operational efficiencies, adopting renewable energy, and advocating for regulatory reforms. Speaking on the company’s sustainability strategy, Debswana’s Executive Head of Safety and Sustainability, Mpho Mosate, underscored the company’s commitment to reducing emissions. “As a high-production entity, we recognize our responsibility to minimize

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Corporate News Local Oil

Sonangol Prepares for Privatization Amid Internal and External Challenges

Sonangol is continuing preparations for its privatization process but is taking a cautious approach to avoid “mistakes or hasty decisions,” according to Sebastião Gaspar Martins, Chairman of the company’s board of directors. Speaking at a press conference on the company’s 2024 results, Martins emphasized that Sonangol is making progress on internal matters related to the privatization but noted that there are still external factors to be addressed before up to 30 percent of the company’s

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Corporate News Oil

Sonangol Pushes Forward with Refinery Projects Despite Financing Challenges

On Tuesday, Sebastiao Gaspar Martins, President of Sonangol, confirmed that the Cabinda Refinery is set to begin operations in the second half of this year. Meanwhile, the construction of the Lobito Refinery is advancing, with Sonangol financing the project while actively seeking investment partners. Martins acknowledged that Angola has received multiple proposals for partnership but emphasized the need for more concrete offers. “We are certain that we don’t want to proceed alone. We are open

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Corporate News Renewable Energy

AMEA Power Breaks Ground on 50 MW Bondoukou Solar Project in Ivory Coast

AMEA Power has officially launched construction of the 50 MW Bondoukou Solar Photovoltaic Project in Ivory Coast, marking a significant step in the country’s renewable energy transition. The groundbreaking ceremony was attended by government officials and project financiers, including Ivory Coast’s Minister of Mines, Petroleum, and Energy, H.E. Sangafowa Coulibaly, and AMEA Power’s CFO, David Falcon. The $60 million project is being developed under a Build-Own-Operate-Transfer (BOOT) model by AMEA Goutougou, a subsidiary of AMEA

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Corporate News International Oil

SBM Offshore Targets Deepwater Growth in Namibia with Strategic Outlook for 2025 and Beyond

SBM Offshore is positioning itself for significant deepwater developments in Namibia as part of its strategic outlook for 2025 and beyond, capitalizing on its strong project visibility in the offshore sector. The company is confident in the promising outlook for key markets such as Brazil, Guyana, Suriname, and Namibia, driven by ongoing exploration activities. “As deepwater developments often emerge after years of extensive exploration, we already have strong visibility on projects for 2025 and 2026.

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Corporate News International Oil

Dangote Refinery Secures First Algerian Crude Amid Supply Challenges

Dangote Refinery has made its first purchase of Algeria’s light sweet Saharan Blend crude, acquiring a 1 million-barrel cargo from Glencore, according to market sources cited by Argus Media. Delivery is expected between March 15 and 20. The $20 billion, 650,000-barrel-per-day refinery, built by Africa’s richest man, Aliko Dangote, began producing diesel, naphtha, and jet fuel in January last year, with petrol production following in September. On February 10, Dangote Industries Limited Vice President Edwin

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Corporate News International Oil

Nigeria’s Oando Plc Wins Bid to Revive Trinidad and Tobago’s Guaracara Refinery

Oando Plc, a leading Nigerian oil and gas company, has been selected as the preferred bidder for the 165,000-barrel-per-day Guaracara Refinery in Trinidad and Tobago. Acting Prime Minister and Energy Minister Stuart Young cited Oando’s strong financial track record and ability to secure upstream oil sector financing as key factors in the decision. The Guaracara Refinery, formerly part of the state-owned Petrotrin, has been inactive since its closure in late 2018 due to financial struggles.

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Corporate News Exploration Oil

Sonatrach and Sinopec Sign $850M Deal for Algerian Oil Exploration

Algeria’s state-owned energy giant, Sonatrach, has signed an $850 million agreement with China’s Sinopec for the exploration and development of the Hassi Berkane-North (HBAN) oil field. The contract, signed on February 25, was formalized by Sonatrach’s Vice President of Exploration and Production, Farid Djettou, and Sinopec’s General Manager, Xue Weisong. Located 80 km southwest of Hassi Messaoud, the HBAN field spans 9,700 km² and includes hydrocarbon-rich blocks 428 and 429. The agreement, valid for 30

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