Page 17 - AfrOil Week 36 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

The lack of oil receipts has significantly harmed partners can meet needs of the vulnerable pop- Uniting a strong community of regional and
the entire economy, and is a large contribu- ulations of Tigray, where an estimated 5.2 mn international stakeholders for two days of net-
tor to the country’s forex crisis. This has sub- people face severe hunger,” the United Nations working and vital decision-making in the coun-
sequently hurt the naira and led to Nigerians agency in a press release. try’s capital city of Juba, Triple A Petroleum has
seeking to store their wealth in US dollars and People will be pushed further into hunger by reiterated its commitment to driving new invest-
cryptocurrencies. the resumption of fighting in northern Ethio- ment opportunities across South Sudan and the
bna/IntelliNews, September 7 2022 pia. In the past few months, the humanitarian wider East African energy space.
truce has allowed WFP and its partners to reach Celebrating its fifth edition as the premier
Nigeria to borrow $26bn almost 5 mn people in Tigray. international forum driving business and invest-
“We demand Tigrayan authorities return ment in East Africa, South Sudan Oil & Power
to cover budget deficit these fuel stocks to the humanitarian commu- 2022 will be held at the Radisson Blu Hotel in
nity immediately. As the next harvest is not until Juba on 13-14 September, 2022.
Nigeria is to borrow over NGN11 trillion October, our deliveries of life-saving food could Energy Capital & Power, September 6 2022
($26bn) and will sell national assets to finance not be more urgent or critical to the survival of
the country’s budget deficit of more than millions,” said WFP Executive Director David
NGN12.42 trillion ($19.4bn) in 2023, Minis- Beasley. PROJECTS & COMPANIES
ter of Finance and National Planning, Zainab “We are working around the clock to get
Ahmed, has revealed. assistance to those most in need, but we need Itochu and Sasol strike
The deficit has been exacerbated by the coun- fuel, funding, and full movement of supplies
try’s petroleum subsidy, which is designed to across the lines of control to maximise deliveries next-gen green hydrogen
offset higher global oil prices driven by the Rus- across northern Ethiopia,” he said.
sia-Ukraine war, keeping the cost of fuel lower bna/IntelliNews, August 29 2022 and ammonia deal
for consumers. The subsidy will cost the Nige-
rian budget NGN3.36 trillion ($8bn) for the year. Triple A Petroleum joins Sasol, a South African energy and chemical firm
The plan to borrow and sell was revealed based in Johannesburg, has agreed a deal with
on August 29 by Ahmad before the House of South Sudan Oil & Power leading Japanese conglomerate Itochu to work
Representatives Committee on Finance, doing on the development of green hydrogen and
a discussion on the 2023-2025 Medium Term as Bronze Plus Sponsor green ammonia to be used both as a next-gener-
Expenditure Framework (MTEF) and Fiscal ation marine fuel and also in power generation.
Strategy Paper (FSP). Energy Capital & Power is pleased to announce A memorandum of understanding (MoU) to
The 2023 deficit is significantly larger than that petroleum and logistics company Triple A confirm the agreement was reportedly signed as
2022’s figure of NGN7.35 trillion ($17.5bn). Petroleum will participate at this year’s South part of the recent Tokyo International Confer-
“The 2023 federal government revenue is Sudan Oil & Power 2022 Conference – tak- ence on African Development (TICAD 8) held
projected at N6.34 trillion ($15.1bn), out of ing place from September 13-14 in Juba – as a in the Tunisian capital.
which only N373.17bn ($889mn) or 5.9% comes Bronze Plus Sponsor. The parties involved will be working together
from oil-related sources. The balance of N5.97 Demonstrating a strong commitment to primarily to increase the global market for green
trillion ($14.2bn) is to be earned from non-oil working within the investment management ammonia as a shipping fuel, with Itochu gaining
sources,” Ahmed explained. and consumer service industries of South Sudan, a foothold in existing green ammonia projects
bna/IntelliNews, August 30 2022 Triple A Petroleum will be represented at this operated by Sasol in exchange for financial sup-
year’s event by CEO, Atong Amos Agook Juac. port from Japan.
WFP says theft of fuel in

Ethiopia’s Tigray region

putting operations at risk

World Food Programme (WFP) operations
supporting hungry people in Tigray region in
northern Ethiopia are at risk of halting following
a massive theft of fuel.
Armed men on August 24 entered WFP’s
compound in Tigray’s regional capital Mekelle
and seized 12 tankers filled with over a half
million litres of fuel that had arrived a few days
earlier.
WFP said it is impossible to distribute food,
fertiliser, medicines and other emergency sup-
plies as loss of fuel will push communities in
Tigray already struggling with the impact of the
conflict further towards starvation.
“It also prevents us from powering generators
and vehicles, so that WFP and humanitarian

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