Saturday, 17th November 2018


Articles related to business

Total plans new offshore Angola well to boost oil output

French oil company Total said on Saturday it plans to drill 13 wells on block 17, offshore Angola, in order to maintain production of 400,000 barrels per day of crude until 2023 in Africa’s second largest crude producer.

In a statement, the company said the wells, which will connect marginal fields to existing floating platforms, would be divided…

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Mozambique offers to share gas revenue in "tuna bond" restructuring

Mozambique has reached an agreement with the bulk of its creditors to restructure a $726.5 million Eurobond, including extending maturities and sharing future revenues from huge offshore gas projects, the finance ministry said on Tuesday.

Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion of…

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Nigerian central bank to meet MTN lenders over $8 bln fund transfer -source

Nigeria’s central bank plans to meet four lenders of telecoms company MTN to discuss a dispute over a $8.1 billion fund transfer, after a court adjourned the case, a banking source said. 

The central bank emailed invitations on Thursday to the Nigeria heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend a meeting on…

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South Africa's finmin Mboweni says state airline should be closed down

South Africa’s new Finance Minister Tito Mboweni said on Thursday that struggling state-run South African Airways (SAA) should be closed down, adding that decisions over the future of the state carrier were not under his remit.

SAA, which has not generated a profit since 2011, survives on state guarantees and is regularly cited by credit ratings…

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African Development Bank plans $720 mln loans to South Africa’s Eskom

The African Development Bank plans to lend South African power utility Eskom around $720 million (10 billion rand) in 2019 and 2020, the bank’s president Akinwumi Adesina said.

“We plan to lend around $620 million for the Medupi power plant, and around $100 million for Eskom’s transmission network, but that still needs to be approved by the board,”…

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Petrobras to sell stake in Africa unit to Vitol-led group for $1.5 bln

Brazil’s Petroleo Brasileiro SA will sell its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53 billion, the latest step in the state-controlled oil company’s debt reduction drive, according to a securities filing on Wednesday.

The other 50 percent stake in Petrobras Oil and Gas BV,…

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