Page 15 - DMEA Week 47 2022

DMEA NEWS IN BRIEF DMEA

business new africa bna/IntelliNews

They were accompanied by an Eni delegation led
by Guido Brusco, COO for Natural Resources.
The event took place after the shipment of the
first LNG cargo on November 13 from the Coral
Sul FLNG (Floating LNG) vessel, the world’s
first ultra-deep-water FLNG and the first LNG
producer in Mozambique. Coral South, a land-
mark project for the gas industry, is projecting
Mozambique onto the global LNG stage, pav-
ing the way to a transformational change of the
country through development of gas resources,
an important contribution to the security and
diversification of supplies to Europe and one
of the most effective solutions to ensure a just
energy transition.
It is the result of an outstanding collaboration
among Eni, partners, and the people and Gov-
ernment of Mozambique.
On the sidelines of the inauguration cere-
mony, President Nyusi and Eni representatives
also discussed the possibility of replicating the
success of the Coral South project with further
FLNG development, as well as other onshore
projects. They also discussed the status of Eni’s was quoted by the daily Asharq Alawsat as say- official has said.
initiatives towards carbon neutrality, including ing. He added that the bank did not reach its Much of the fertiliser has been stuck in ports
the agri-feedstock project under the agreement maximum level in printing banknotes and the due to concerns from private companies over
between Eni and the Government of Mozam- government is borrowing within the limits set sanctions liability over the insurance and financ-
bique. The project aims to produce oil from by the IMF. ing of Russian goods. Now the UN is hoping
seeds, wastes and residues that do not compete Sudan has been unstable since the 2019 trade can start up again, allowing Russia to send
with food crops and agriculture lands, to be used ouster of long-time autocratic ruler Omar its fertiliser to needy countries in West Africa.
in biofuel production. Al-Bashir. The current military leader Abdul As quoted by the Associated Press, the head
Eni has been present in Mozambique since Fattah AL-Burhan declared a state of emergency of UN trade Rebeca Grynspan acclaimed “very
2006. It is the delegated operator of the Coral in October 2021 and dissolved the civilian gov- good news for the world” that Russia, Turkey and
South Project on behalf of the Area 4 Partners. ernment in a move that opponents labelled a Ukraine had agreed to extend the four-month
The company discovered supergiant natural gas coup. Protests since then have continued to call trade deal to allow grain and foodstuffs through
resources in Area 4, the Rovuma basin, namely for an immediate end to the civilian-military the Black Sea. The July 22 deal was set to expire
the Coral, Mamba Complex and Agulha reser- power-sharing arrangement in Sudan and the on November 19.
voirs, holding estimated 2,400bn cubic meters exclusion of the military from any political role. “But we have said very clearly that we are still
of gas in place. At least 119 people, including 20 children, not where we want to be,” Grynspan told a UN
Eni, November 23 2022 have been killed by security forces in violent briefing. “There is still work to be done and espe-
crackdowns on near-weekly pro-democracy cially in the fertiliser area because there, still, we
Sudan raises fuel prices, protests. are seeing a fertiliser crunch.”
Sudan has been suffering a deep economic
“We see a very steep decline in the demand
says inflation under control crisis. Billions of dollars in foreign aid were for fertilisers because of the affordability crisis,
and that is what is keeping us awake right now,”
suspended by Western countries and interna-
The Sudanese government raised fuel prices over tional financial institutions (IFIs) after the coup. she added.
the weekend after a monthly revision of interna- Western governments say Sudan has to return to Much of the trade thus far has been in Ukrain-
tional prices, according to a statement from the civilian rule before crucial aid can resume and a ian grains, and Russia has repeatedly expressed
Energy Ministry. civilian government is established. frustration that more hasn’t been done to allow
Prices for one litre of petrol rose to SDG620 bna/IntelliNews, November 14 2022 the export of Russian food and fertilisers. This is
($1.07) from SDG522, while prices for one litre mainly due to fears from private companies that
of diesel increased to SDG720 from SDG672. they could be targeted for sanctions if they work
The move is expected to increase the already PETROCHEMICALS with Moscow. The UN is working to solve this
skyrocketing inflation rate and will add more issue, alongside Russia, Turkey and Ukraine.
pressure on low-income classes’ living costs. West Africa to get Before President Vladimir Putin announced
The country’s CPI inflation hit 102.6% in the so-called “special military operation,” Russia
October, according to the latest estimates from next batch of Russian was the world’s top exporter of fertiliser.
the Central Bureau of Statistics. “We hope that the next destination of the fer-
The government is currently borrowing lim- fertiliser supplies tilisers will be West Africa, which has been very
ited amounts of money from the Central Bank, affected by the affordability crisis of fertilisers,”
but is able to control inflation so far, the finance West Africa will receive the next batch of Rus- said Grynspan. “Next destinations: West Africa.”
and economic planning minister Jibril Ibrahim sian fertiliser once it has been released, a top UN bne/IntelliNews, November 22 2022

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