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Category: International

Economy Energy International News

DRC solar startup Nuru secures US$40M series B funding

Nuru, an energy startup based in the Democratic Republic of the Congo (DRC), has secured $40 million in equity funding toward its mission of providing stable electricity to all five million residents of the country. Many different organizations contributed to this round of funding, including the International Finance Corporation (IFC), the Global Energy Alliance for People and Planet (GEAPP), the Renewable Energy Performance Platform (REPP), Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, the GAIA

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International News Oil Petroleum

Uganda invites investors to finance oil refinery

The government of Uganda, through the Ministry of Energy and Mineral Development, has announced that it is seeking investment partners to advance the development of a 60,000 barrel-per-day oil refinery. In a press statement, the ministry stated that it has reached several milestones regarding the implementation of the refinery and now seeks financing to progress further. Specifically, the Ministry is turning to public sector capital providers to accelerate the implementation of the downstream project. “The

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Energy International Mergers & Acquisitions News

Globeleq to acquire the Mozambican Mocuba solar plant from Scatec

Globeleq, the leading independent power company in Africa, has agreed to purchase Scatec A.S.A.’s 52.5% stake in the 41 MW Central Solar de Mocuba solar PV power plant (Mocuba). Globeleq will also purchase KLP Norfund Investments A.S.’s 22.5% stake in the plant at the same time. On completion of these transactions, Globeleq will hold a 75% stake in Mocuba, and will become the owner and manager of the plant. Electricidade de Moçambique (EDM), the national

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Diamonds International News

Petra Delays Tender Amid Rough Diamonds Market Slump

Petra Diamonds has postponed its sixth tender for the financial year (FY) 2023 due to a temporary downturn in the market for rough diamonds. The  miner said the diamonds originally earmarked for sale in June will now be tendered in August, which historically coincides with stronger demand due to the end of Northern Hemisphere summer holidays and the commencement of manufacturing orders being filled ahead of the seasonally strong end of year festive period. The

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Economy Gas International News

Gasoline Prices Inch Up As Crude Soars

After months of decline following falling crude prices, gasoline and diesel prices have started rising thanks to soaring crude prices. The national average gas prices in the United States have inched up to $3.565 per gallon from $3.543 a week ago, while a gallon of diesel now averages $3.842 from $3.837 a week ago. Oil markets are looking to build on three straight weeks of increases, which coincides with the oil price rally. Oil markets

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Economy Gas International Oil

Kuwait to introduce new rules for oil and gas contracts

Kuwait National Petroleum Co (KNPC) is currently working on implementing a strategy for reviewing the terms and conditions of new contracts, according to a local media report. The company will consider not awarding the same scope of work to the same contractor for different areas in the future to avoid any potential failure to implement the assigned work. This strategy will include clauses specifying fines to impose on the contractor in case of such a

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Gas International News Oil

Iraq Announces Completion Date for Multibillion-Dollar Oil and Gas Project

TotalEnergies aims to complete four multi-billion-dollar oil, gas, and renewables projects in Iraq by 2029. Phase 1 of these gas projects is expected to boost Iraq’s gas production by nearly 300 million cubic feet per day. During Phase 2, this quantity is set to double. The projects fall under a $27-billion agreement signed with TotalEnergies on July 10th 2023, with Iraq contributing $1.4 billion towards their realization. TotalEnergies is committed to completing these projects by

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Economy International News Oil

Crude Oil Prices Plunge Due to China’s Growth Concerns and Libya’s Re-opening

Crude oil prices continued to retreat from the 3-month peak seen last week on a soft economic outlook for China and easing political tensions in Libya, potentially lifting production capacity. The WTI front futures contract touched US$ 77.33 per barrel last Thursday before tumbling into the weekend and continuing lower to start this week, trading below US$ 74 per barrel. The Brent futures contract saw similar price action, nudging US$ 81.75 before visiting US$ 78.25

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Economy Gas International News Oil Petroleum

Nigeria’s oil production continues on an upward trend

Following a rise in output last month, Nigeria’s crude oil revenues increased to nearly N1.68tn in June 2023, according to a study of the latest oil production numbers given by the Federal Government. According to data acquired last week  from the Nigeria Upstream Petroleum Regulatory Commission’s June 2023 crude oil production report, the country’s daily oil output in the review month increased to 1,248,960 barrels. Nigeria produced 1,183,691 barrels of crude oil per day in

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Economy International News Oil

Oil Prices Fall on Profit-Taking, Still Record Weekly Gain

Oil prices fell by more than a dollar per barrel on Friday 14th of July due to profit-taking and a stronger dollar. Despite the drop, crude benchmarks still recorded their third-straight weekly gain. Brent crude futures settled at $79.87 per barrel, down $1.49, or 1.8%, while U.S. West Texas Intermediate crude futures fell $1.47, or 1.9%, to settle at $75.42 a barrel. The decrease in oil prices was attributed to profit-taking by oil traders who

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