COMPANY NEWS IN BRIEF
Qatar Airways to invest in an airline in southern Africa, CEO says
Qatar Airways will soon announce an investment in an airline in southern Africa, its CEO said on Wednesday, part of the Gulf carrier's drive to expand its network in Africa.
"We are at the final stage of an equity investment in an airline in the southern part of Africa," Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha, saying the deal could be announced in two to three weeks.
Meer, who became CEO in November, said the southern part of Africa was a gap in Qatar Airways' network coverage on the continent.
He added that Qatar Airways wants to expand the fleets of its partner airlines in Africa to improve connectivity.
Qatar Airways in 2019 took a 60% stake in a new US$1.3 billion international airport being built in Rwanda and has code share agreements with several airlines in Africa including Rwandair.
Rwandair CEO Yvonne Manzi Makolo, speaking in Doha, said the airport could be incorporated around 2027-28.
- REUTERS
Vitol to invest US$550 million in clean cooking in Africa
Commodities trader Vitol its unit Vivo Energy intend to invest more than $550 million by 2030 in the infrastructure required to facilitate cleaner cooking in Africa.
The investment comprises of liquefied petroleum gas (LPG) infrastructure from marine terminals to the high-quality cylinders required for the safe distribution of LPG, and investment in clean cooking carbon projects, Vitol said at a summit on clean cooking in Africa on Tuesday.
- REUTERS -
Shell investigates smoke near Gbaran oil facility in Nigeria
Oil major Shell is investigating reports of smoke early Tuesday near its Gbaran Ubie oil and gas facility in Nigeria's coastal Bayelsa state, a spokesperson said, after residents reported hearing explosions and seeing smoke near the area.
The incident would not immediately lead to an operational shut-in, the Shell spokesperson said.
The Gbaran facility, which began operations in 2010, is by far the most important Nigeria LNG gas feedstock project, processing almost 2 billion standard cubic feet of gas per day.
"We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities," a Shell spokesperson said in an emailed statement.
Shell did not immediately respond to the accounts of residents in the area.
Resident Ovie Ogbuku told Reuters: "At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now."
Another resident Uche Ede said; "We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes."
- REUTERS -
Anglo CEO says BHP bid forced his hand on demerger of South African assets
The boss of Anglo American said on Tuesday a bid by rival BHP to take over the company forced him to accelerate plans for a spin-off of its South African platinum assets, which come on the cusp of a national election.
While Anglo was already working on its own review of assets including the platinum and diamonds businesses, the timeline had to be speeded up after BHP's approach, Anglo CEO Duncan Wanblad said.
As a pre-condition for its bid, rejected twice by Anglo, BHP had requested that Anglo exit its platinum and iron ore units in South Africa, drastically reducing its presence in the country.
After arguing that the BHP proposal undervalued Anglo, the London-listed mining giant laid out a strategy on Tuesday that includes a potential break-up of the group by demerging or selling its steelmaking coal, nickel, diamonds and platinum businesses.
That includes a demerger of its Johannesburg-listed Anglo American Platinum unit, known as Amplats. The plan sent Amplats's shares down as much as 10%.
"The only thing that the BHP approach did is that it forced the timeline on work that we were already doing," Wanblad said on a conference call after Tuesday's announcement.
"This is an acceleration of a strategy process that we were already executing. I have to say that I would probably not have announced it at this particular point of time," he added, referring to the looming election in South Africa on May 29.
- REUTERS -
Savannah Energy loses legal bid to freeze oil pipeline company accounts, Chad government says
The Paris Court of Arbitration has rejected a bid by Savannah Energy Plc to freeze COTCO oil pipeline company's accounts after Chad nationalised its upstream assets in the country, Chad's transitional government said on Monday.
London-listed Savannah said in March last year that it planned to pursue all its legal rights to contest Chad's move to nationalise its upstream assets in the central African country.
In December, Exxon Mobil closed the sale of its operations in Chad and Cameroon, including COTCO, to Africa-focussed oil and gas producer Savannah in a $407 million deal, but the Chadian government challenged the agreement.
The Paris Court of Arbitration ruled against Savannah on May 8, Chad's transitional government said in a statement on Monday.
Savannah owns a 40% interest in the Doba Oil Project in Chad, comprising seven producing oilfields with combined output of 28 000 barrels per day.
Qatar Airways will soon announce an investment in an airline in southern Africa, its CEO said on Wednesday, part of the Gulf carrier's drive to expand its network in Africa.
"We are at the final stage of an equity investment in an airline in the southern part of Africa," Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha, saying the deal could be announced in two to three weeks.
Meer, who became CEO in November, said the southern part of Africa was a gap in Qatar Airways' network coverage on the continent.
He added that Qatar Airways wants to expand the fleets of its partner airlines in Africa to improve connectivity.
Qatar Airways in 2019 took a 60% stake in a new US$1.3 billion international airport being built in Rwanda and has code share agreements with several airlines in Africa including Rwandair.
Rwandair CEO Yvonne Manzi Makolo, speaking in Doha, said the airport could be incorporated around 2027-28.
- REUTERS
Vitol to invest US$550 million in clean cooking in Africa
Commodities trader Vitol its unit Vivo Energy intend to invest more than $550 million by 2030 in the infrastructure required to facilitate cleaner cooking in Africa.
The investment comprises of liquefied petroleum gas (LPG) infrastructure from marine terminals to the high-quality cylinders required for the safe distribution of LPG, and investment in clean cooking carbon projects, Vitol said at a summit on clean cooking in Africa on Tuesday.
- REUTERS -
Shell investigates smoke near Gbaran oil facility in Nigeria
Oil major Shell is investigating reports of smoke early Tuesday near its Gbaran Ubie oil and gas facility in Nigeria's coastal Bayelsa state, a spokesperson said, after residents reported hearing explosions and seeing smoke near the area.
The incident would not immediately lead to an operational shut-in, the Shell spokesperson said.
The Gbaran facility, which began operations in 2010, is by far the most important Nigeria LNG gas feedstock project, processing almost 2 billion standard cubic feet of gas per day.
"We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities," a Shell spokesperson said in an emailed statement.
Shell did not immediately respond to the accounts of residents in the area.
Resident Ovie Ogbuku told Reuters: "At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now."
Another resident Uche Ede said; "We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes."
- REUTERS -
Anglo CEO says BHP bid forced his hand on demerger of South African assets
The boss of Anglo American said on Tuesday a bid by rival BHP to take over the company forced him to accelerate plans for a spin-off of its South African platinum assets, which come on the cusp of a national election.
While Anglo was already working on its own review of assets including the platinum and diamonds businesses, the timeline had to be speeded up after BHP's approach, Anglo CEO Duncan Wanblad said.
As a pre-condition for its bid, rejected twice by Anglo, BHP had requested that Anglo exit its platinum and iron ore units in South Africa, drastically reducing its presence in the country.
After arguing that the BHP proposal undervalued Anglo, the London-listed mining giant laid out a strategy on Tuesday that includes a potential break-up of the group by demerging or selling its steelmaking coal, nickel, diamonds and platinum businesses.
That includes a demerger of its Johannesburg-listed Anglo American Platinum unit, known as Amplats. The plan sent Amplats's shares down as much as 10%.
"The only thing that the BHP approach did is that it forced the timeline on work that we were already doing," Wanblad said on a conference call after Tuesday's announcement.
"This is an acceleration of a strategy process that we were already executing. I have to say that I would probably not have announced it at this particular point of time," he added, referring to the looming election in South Africa on May 29.
- REUTERS -
Savannah Energy loses legal bid to freeze oil pipeline company accounts, Chad government says
The Paris Court of Arbitration has rejected a bid by Savannah Energy Plc to freeze COTCO oil pipeline company's accounts after Chad nationalised its upstream assets in the country, Chad's transitional government said on Monday.
London-listed Savannah said in March last year that it planned to pursue all its legal rights to contest Chad's move to nationalise its upstream assets in the central African country.
In December, Exxon Mobil closed the sale of its operations in Chad and Cameroon, including COTCO, to Africa-focussed oil and gas producer Savannah in a $407 million deal, but the Chadian government challenged the agreement.
The Paris Court of Arbitration ruled against Savannah on May 8, Chad's transitional government said in a statement on Monday.
Savannah owns a 40% interest in the Doba Oil Project in Chad, comprising seven producing oilfields with combined output of 28 000 barrels per day.
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