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Category: International

International Oil

Nigeria’s $5 Billion Oil-Backed Loan Deal with Aramco Stalls Amid Falling Crude Prices

Nigeria and Saudi oil giant Aramco are struggling to finalize a proposed $5 billion oil-backed loan, as declining global crude prices raise concerns among potential financiers and reduce the appeal of the deal. If completed, the agreement would represent Nigeria’s largest oil-backed borrowing to date and Aramco’s most significant financial engagement in the country. However, sources familiar with the matter say the falling price of oil may lower the deal’s overall value, complicating negotiations and

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International Gas

Egypt Secures Over $8 Billion in LNG Deals to Avert Power Crisis Amid Energy Struggles

Egypt has finalized agreements with several major energy companies and global trading houses to purchase 150–160 cargoes of liquefied natural gas (LNG) through 2026, as the country races to secure fuel for its power grid amid deepening energy and economic challenges. Valued at more than $8 billion based on current market prices, the LNG procurement underscores the growing financial strain on Egypt’s government, already grappling with falling domestic gas production, a foreign currency shortage, and

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Corporate News International Oil Petroleum

Dangote Refinery Set to Disrupt Nigeria’s Fuel Market with Free Direct Distribution and Credit Incentives

Nigeria’s downstream petroleum sector is bracing for a major shake-up following the announcement by Dangote Petroleum Refinery that it will begin direct, free distribution of Premium Motor Spirit (PMS) and diesel across the country, starting August 15, 2025. Unveiled on Sunday, June 15, the plan includes the deployment of 4,000 Compressed Natural Gas (CNG)-powered tankers to deliver fuel directly to petrol stations, manufacturers, aviation companies, telecom operators, and other large-scale consumers. This move bypasses traditional

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International Energy Renewable Energy

Egypt Launches First Grid-Scale Battery Storage to Power Clean Energy Future

AMEA Power, in collaboration with the International Finance Corporation (IFC) and the Egyptian government, is deploying Egypt’s first grid-scale Battery Energy Storage System (BESS). This landmark project marks a significant step toward stabilizing the national grid and accelerating the country’s transition to renewable energy. To fund the initiative, IFC has committed a $72 million loan to the Abydos Solar Project Company, a subsidiary of AMEA Power. The financing supports the integration of a 300 MWh

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International News Renewable Energy

Zambia Launches $40 Million Solar Power Project to Energize Public Institutions

The Government of Zambia has formalized a $40 million partnership to deploy 50 megawatts (MW) of solar power across 209 public institutions in the Eastern Province, marking a major step toward the country’s clean energy transition. The initiative falls under the Presidential Solar Initiative, spearheaded by President Hakainde Hichilema, which aims to add 1,000 MW of solar energy to Zambia’s national grid by 2025. The agreement was signed between Zambian firm Accura Logistics and international

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International Gold News

Mali Begins Construction of Russia-Backed Gold Refinery to Assert Resource Sovereignty

Mali has officially begun construction of a new gold refinery backed by Russia, a move the country’s military leadership says will strengthen national control over its vast natural resources. The facility, which will have a refining capacity of 200 tons per year, is being built in partnership with Russia’s Yadran Group and a Swiss investment firm. The Malian government will maintain a controlling stake in the project. Speaking at the groundbreaking ceremony in Senou, near

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Corporate News International Oil

Eni Congo Launches Yasika Logistics Hub to Support LNG and Oil Operations

Energy giant Eni’s Congolese subsidiary has officially inaugurated the Yasika logistics platform, located at oilfield services company Saipem’s base in Pointe-Noire, Republic of Congo. Commissioned on June 11, the Yasika platform will serve as the central operational hub for Eni Congo’s onshore and offshore activities. It is designed to streamline the transit of equipment, materials, and personnel. The facility also plays a critical role in supporting the Congo LNG project. This includes the Tango FLNG

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Corporate News International Oil

Mozambican President and Eni CEO Discuss Major Energy and Sustainability Projects

On June 11, Mozambican President Daniel Francisco Chapo met with Claudio Descalzi, CEO of Eni, in Maputo to review ongoing and future collaborations in liquefied natural gas (LNG), agribusiness, and sustainability. The meeting celebrated the success of the Coral South Project, which, according to the International Monetary Fund, accounted for 50% of Mozambique’s GDP growth in 2023 and is projected to drive 70% of the country’s growth in 2024. Discussions also focused on the newly

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Oil International News

Russia and Republic of Congo Sign Landmark Oil Pipeline Agreement

Russian President Vladimir Putin has signed into law the ratification of a bilateral agreement with the Republic of Congo for the construction of a major oil pipeline linking Pointe-Noire, Loutété, Maloukou, and Trechot. The pipeline, which is expected to be completed within three years, is projected to operate for 30 to 40 years, significantly enhancing the region’s energy infrastructure. The agreement establishes a partnership between Russian construction firm Zakneftegazstroy-Prometey and Société Nationale des Pétroles du

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Corporate News Diamonds International

Petra Diamonds Sees Decline in Rough Prices Amid Weaker Product Mix and Market Uncertainty

Petra Diamonds reported a decline in rough diamond prices at its latest combined tender, reflecting a shift toward smaller, lower-quality goods and ongoing challenges at its Cullinan mine in South Africa. The miner generated $53 million from the sale of 613,747 carats during its combined fifth and sixth trading sessions, which took place partially in April and concluded in June, the company announced Monday. While like-for-like prices rose 3% across most product categories compared to

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