Page 17 - AfrOil Week 14 2022

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT last three months, and, while they participate in
their bidding window, they are also to deposit all
EGPC acquires 25% stake sales proceeds into an escrow account with their
bidding banks, also as part of the conditions for
in Alexandria National qualifying in the FX Forward Auction.
Prices of petroleum products have been on
Refining and Petrochemical the rise for the past few weeks in Ghana, start-
ing the year at around GHS6.60 ($0.82) a litre,
Company for $153mn but now hovering around GHS9.60, a more than
45% increase.
Egyptian General Petroleum Corp. (EGPC) has bna/IntelliNews, April 3 2022
acquired an equity stake of about 25% in Alex-
andria National Refining and Petrochemical Adonis Pouroulis said. Japan’s Sojitz buys
Co. (ANRPC), in a deal worth approximately Guernsey-based Chariot has a 75% interest in
EGP2.8bn ($153mn), the Al Mal financial daily and operatorship of the Lixus licence, in partner- part of Nigerian gas
reports. ship with Morocco’s National Office of Hydro-
The selling parties in the deal were National carbons and Mines (ONHYM), which holds the distributor Axxela
Bank of Egypt and Bank of Alexandria, which remaining 25% stake.
disposed of 18% and 7.7%, respectively. Alexan- Earlier in March, the Moroccan government Japan’s Sojitz Corp has bought a 25% stake in
dria Petroleum Company remains the majority awarded the exploration licence for the Rissana Axxela, Helios Investment Partners’ Nigerian
shareholder in ANRPC, owning more than 70%. Offshore Basin to Chariot. gas distribution unit. The deal leaves Helios with
ANRPC produces high-octane gasoline, Morocco is focusing on the use of natural gas 75% of the company, which provides around
butane and hydrogen and is currently imple- to guarantee its own energy supply. The areas 80mn cubic feet per day of gas to more than 200
menting a number of projects to raise produc- where work is mainly being carried out for that industrial customers in the country.
tion capacity to satisfy local market needs. The purpose include Essaouira, Guersif, Zag, Boud- The purchase is the first significant invest-
company sources its main raw material input, nib and Missour. ment in Africa by Sojitz, a Tokyo-based general
naphtha, from Alexandria Petroleum Company. bna/IntelliNews, April 3 2022 trading conglomerate that owns companies
The company has invested EGP3.5bn in a in various sectors, including manufacturing,
new high-octane gasoline facility in support Ghana’s central bank puts energy and chemicals.
of the government’s import substitution drive. The decision to buy a stake in gas comes as
To achieve this goal, the government is invest- $100mn into forex market investors have grown reluctant to invest in fossil
ing heavily in industries that replace high val- fuels in Africa, as the continent looks to make
ue-added imports, with a view to easing external to upend cedi depreciation, the most of the energy transition by focusing on
trade imbalances. green energy. However, according to statements
bna/IntelliNews, April 1 2022 ease fuel price recovery published by both Helios and Sojitz, both believe
gas is an economically viable way to move from
Chariot’s shares rise The Bank of Ghana (BoG) has injected an higher polluting fuels, by switching customers
amount of $100mn into the forex market to shore away from diesel or heavy fuel oil.
following good news about up the cedi and facilitate its further appreciation chase is a “huge testament” to investor con-
Axxela CEO Bolaji Osunsanya said the pur-
against major trading currencies, while also trig-
gas project in Morocco gering fuel price reduction in the country. fidence in the company, while Sojitz COO of
It is part of the central bank’s plans to boost infrastructure Masakazu Hashimoto praised the
UK-based Chariot saw its share prices rise by the US dollar supply and make them available for “huge growth potential.”
18% on Thursday (March 31) following posi- Bulk Oil Distributing Companies (BDCs) with Helios has owned Axxela outright since 2019,
tive news about the Africa-focused energy firm the requisite licences and qualifications. when it purchased the remaining shares owned
Anchois-2 appraisal well offshore Morocco, Dow This was contained in a BoG statement, by Oando, a Nigerian multinational energy
Jones reported. which said further that the amount made avail- company.
The price rise followed Chariot’s announce- able to the FX Forward Auction Limited to the bna/IntelliNews, April 3 2022
ment that it had, after further interpretation of 30-day tenor.
well data, upgraded its net gas pay estimates for “Banks are to ensure that participation in the
Anchois-2 by 50%. auction is limited to qualifying BDCs based on PERFORMANCE
The appraisal well is now estimated to have the following conditions: Evidence of a valid
encountered 150m of net gas pay, almost three licence to operate as issued by the NPA. Must be Libyan oil production down
times that encountered within the Anchois-1 in good standing with the NPA (i.e., no regula-
discovery well, Chariot said. Moreover, all seven tory encumbrances).” 330,000 bpd in March
of the reservoirs discovered within the well It is also required of BDCs to provide evi-
proved to contain gas of excellent quality that dence of contract containing volume and costs Libya’s state-run National Oil Corp. (NOC) said
contained few impurities and required minimal of petroleum products, which would be premi- the closure of two main oilfields due to militias’
processing, it said. ums or discounts applied, as well as payment due armed struggles last month caused daily pro-
The encouraging results will help ensure date. duction to drop by as much as 330,000 barrels
that the field can be developed in a simple and It further placed on BDCs to ensure sales in March, according to the company’s head,
straightforward manner, Chariot’s acting CEO Oil Marketing Companies (OMCs) within the Mustafa Sanalla.

Week 14 06•April•2022 www. NEWSBASE .com P17