The International Finance Corporation (IFC), a member of the World Bank Group, has expressed its interest in funding the Mozambican biofuels sector, given the country’s high potential. The interest was expressed on Thursday by the IFC executive director, Makhtar Diop, at an audience granted to him by Mozambican President, Filipe Nyusi, during his visit to Kigali, on the sidelines of the Africa CEO Forum. “We talked about cooperation between Mozambique and the IFC. We discussed
Electricity production from solar parks in Mozambique increased by nearly 14% in the first quarter of this year compared to the same period last year, according to official data reviewed by Lusa. However, solar energy still accounts for less than 0.5% of the country’s total electricity production. The government’s budget execution report for January to March indicates that the country’s six large solar parks, along with other smaller plants, produced a total of 19,688 megawatt-hours
The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along
Revenue from the Ekati mine’s rough diamond output soared by 70% in the first fiscal quarter, according to Burgundy Diamond Mines, the mine’s owner. The company reported sales of 1.3 million carats from the Canadian deposit, totaling $117 million for the period ending March 31. This is a significant increase compared to the sale of 798,199 carats for $69 million during the same period last year. The average price per carat rose by 3.5% to
Petra Diamonds’ rough prices decreased at its latest tender as it noted seasonal weakness across all size categories. The sixth trading session, which took place in May, brought in $44 million from the sale of 371,104 carats, while like-for-like prices slipped 2.6% versus April, the miner reported last week. The sales value was down 11% from April’s $49 million but up 4.8% from the equivalent tender in May 2023. Sales volume increased 2% from April
QatarEnergy partners with ExxonMobil, acquiring a 40% stake in two offshore Egypt exploration blocks through a farm-in agreement. Under the terms of the agreement, which is subject to customary approvals by the government of Egypt, QatarEnergy will acquire a 40% working interest in each of the Cairo and Masry offshore concession agreements, while ExxonMobil, as the operator, will retain the remaining 60% working interest. The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil
TotalEnergies CEO Patrick Pouyanne announced that the company has signed its first supply agreement with Nigeria’s Dangote Refinery. The announcement was made during a meeting with Aliko Dangote, although specific details of the agreement were not disclosed. “We met this morning; we made the first deal between both of us,” Pouyanne said during a panel at the Africa CEO Forum in Kigali, Rwanda. “The two CEOs met with our head of trading, and we found
Nigeria’s Dangote refinery, Africa’s largest, is actively sourcing a portion of its crude oil from the United States. A Bloomberg report said the $20 billion refinery, established by Africa’s richest man, Aliko Dangote, has issued a term tender to buy two million barrels per month. The tender for overseas oil—from a refinery that’s situated in Africa’s largest producer nation—highlights how significant the plant will be in global crude and fuel trading. It will be the
Egypt has signed a land access agreement with an Egyptian-Emirati consortium to construct a 10 GW onshore wind farm in Upper Egypt. The project, set to be one of the largest in the world, has a project value exceeding $10 billion, according to a statement by the Egyptian cabinet. The coalition includes Egyptian-Emeriti Infinity Power, the largest African renewable energy developer, Egyptian infrastructure company Hassan Allam Utilities, and the UAE’s flagship renewable energy company, Masdar.
On Tuesday, May 14, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the start of the 2024 oil block licensing round. The Chief Executive of NUPRC, Gbenga Komolafe, announced this at the Miami, Florida, International Roadshow for the 2024 licensing round, hosted by the NUPRC, in collaboration with the Petroleum Technology Association of Nigeria (PETAN). The commission said the 2024 block licensing round would last for approximately nine months. Mr. Komolafe, while unveiling the bidding
