Africa Briefs
Angola opens up fuel imports
Angolan state oil firm Sonangol has issued its first public tender to buy refined products to widen its import base, market sources who have seen the tender said, in a sign the country is committed to reforming its oil industry.
For years OPEC member Angola has largely relied on commodities trader Trafigura for fuel imports. The trader still supplies gasoil but major competitor Vitol recently edged in to supply the country with gasoline.
One of the sources said the tender would close on Jan. 31 and was looking for 1.2 million tonnes of gasoline, 2.1 million tonne of gasoil and 480,000 tonnes of marine fuel.
"The real market liberalisation is still to come as Sonangol remains the monopoly importer," one of the sources said. – Nampa/Reuters
Lagarde meets Ramaphosa in Davos
IMF chief Christine Lagarde said on Tuesday she had met with South African Deputy President Cyril Ramaphosa on the sidelines of the World Economic Forum in Davos and agreed that structural challenges were a burden to economic growth in Africa's largest economy.
Their meeting comes a day after the International Monetary Fund cut South Africa's growth forecast for the next two years, citing political uncertainty.
"We … agreed that bold and timely reforms are needed to create an environment conducive to job creation and less inequality," Lagarde said.
Ramaphosa has signaled a departure in style and governance from Zuma's scandal-plagued administration. The rand has surged since Ramaphosa took the reins of the ANC. – Nampa/Reuters
Nigeria to decide on refinery investors
The Nigerian National Petroleum Corporation's (NNPC) board will decide on the investors for its three major refineries this month, the state oil company said.
NNPC launched a bidding process in 2016 to find partners to overhaul ailing refineries that produce very little petrol because of decades of mismanagement, leaving OPEC member Nigeria reliant on imported oil products.
The three existing refineries - in the cities of Port Harcourt, Warri and Kaduna - could add total capacity of 450 000 barrels per day (bpd) if refurbished. The project requires investment of US$2 billion. – Nampa/Reuters
IMF raises Egypt's GDP outlook
The International Monetary Fund has hailed Egypt's progress on economic reforms in its second major review of the country's loan programme, revising up its growth outlook but warning against the risks of not pushing forward with austerity.
The IMF raised its forecast for Egypt's GDP growth for the 2017/18 fiscal year ending in June to 4.8% from 4.5% in a report last year, citing a recovery in consumption and private investment.
Foreign investment in Egypt's equity markets has reached record highs since the country embarked on the reforms, and foreign direct investment has begun picking up. – Nampa/Reuters
Angolan state oil firm Sonangol has issued its first public tender to buy refined products to widen its import base, market sources who have seen the tender said, in a sign the country is committed to reforming its oil industry.
For years OPEC member Angola has largely relied on commodities trader Trafigura for fuel imports. The trader still supplies gasoil but major competitor Vitol recently edged in to supply the country with gasoline.
One of the sources said the tender would close on Jan. 31 and was looking for 1.2 million tonnes of gasoline, 2.1 million tonne of gasoil and 480,000 tonnes of marine fuel.
"The real market liberalisation is still to come as Sonangol remains the monopoly importer," one of the sources said. – Nampa/Reuters
Lagarde meets Ramaphosa in Davos
IMF chief Christine Lagarde said on Tuesday she had met with South African Deputy President Cyril Ramaphosa on the sidelines of the World Economic Forum in Davos and agreed that structural challenges were a burden to economic growth in Africa's largest economy.
Their meeting comes a day after the International Monetary Fund cut South Africa's growth forecast for the next two years, citing political uncertainty.
"We … agreed that bold and timely reforms are needed to create an environment conducive to job creation and less inequality," Lagarde said.
Ramaphosa has signaled a departure in style and governance from Zuma's scandal-plagued administration. The rand has surged since Ramaphosa took the reins of the ANC. – Nampa/Reuters
Nigeria to decide on refinery investors
The Nigerian National Petroleum Corporation's (NNPC) board will decide on the investors for its three major refineries this month, the state oil company said.
NNPC launched a bidding process in 2016 to find partners to overhaul ailing refineries that produce very little petrol because of decades of mismanagement, leaving OPEC member Nigeria reliant on imported oil products.
The three existing refineries - in the cities of Port Harcourt, Warri and Kaduna - could add total capacity of 450 000 barrels per day (bpd) if refurbished. The project requires investment of US$2 billion. – Nampa/Reuters
IMF raises Egypt's GDP outlook
The International Monetary Fund has hailed Egypt's progress on economic reforms in its second major review of the country's loan programme, revising up its growth outlook but warning against the risks of not pushing forward with austerity.
The IMF raised its forecast for Egypt's GDP growth for the 2017/18 fiscal year ending in June to 4.8% from 4.5% in a report last year, citing a recovery in consumption and private investment.
Foreign investment in Egypt's equity markets has reached record highs since the country embarked on the reforms, and foreign direct investment has begun picking up. – Nampa/Reuters
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