Page 15 - AfrOil Week 45 2022

AfrOil NEWS IN BRIEF AfrOil

INVESTMENT
GNPC on verge of

bankruptcy, former
power minister warns

The state-owned Ghana National Petroleum
Corp. (GNPC) is in need of capital or it will go
bankrupt, former Power Minister Dr. Kwabena
Donkor has warned, as reported by Joy News.
He was speaking in Parliament during a debate
on the report of the Committee on Employment
Welfare and State Enterprises on the financial
performance of the Corporation during 2019
and 2020.
The report allegedly uncovered that the Cor-
porations books were bad.
“We will urge that from a purely financial
analysis, without injection of new funds, GNPC
is on the brink of bankruptcy and therefore, Mr
Speaker, in supporting the motion, I want to call
the attention of this house to the need to bring
GNPC ... before this house for more critical scru-
tiny,” he said.
During the debate, the Chairman of the Dangote Industries is part of the Dangote primary hydrocarbon production will rise by
Mines and Energy Committee, Samuel Atta Group, a multinational industrial conglomer- 2% by the end of the current year. Hydrocarbon
Akyea, said that GNPC seems to have veered ate, founded by Aliko Dangote, Africa’s richest exports soared 77% year on year to $42.6bn in
off its core mandate, while his ranking member, man. The group has companies in a wide range the first nine months of 2022.
John Jinapor, said that the Corporation’s finan- of sectors, such as sugar, pasta, milk, gas and oil. Arkab expects non-hydrocarbon exports to
cial position could lead to its collapse. According to Bloomberg Billionaires Index, surge by 40% y/y on higher mining and petro-
“The gross profit margin, which is the gross Dangote’s net worth is estimated at $18.6bn as chemical production.
profit expressed as a percentage of total sales, has of October, making him the 65th richest person Investments in energy and mining rose 8%
reduced from 50% in 2018, to 26% in 2019, to in the world. y/y in Q1 of the year to reach $6.3bn, the minis-
0.3% in 2020,” he said. bna/November 7 2022 ter elaborated.
“If you look at the operating profit… it has bna/November 9 2022
moved from 28% to minus 19.23%,” he report-
edly told Parliament. PERFORMANCE
bna/November 4 2022 POLICY
Nigeria’s Dangote closing Algeria’s oil revenues Slovenia to sign
to hit $50bn in 2022,
10-year bond to fund oil energy minister says deal to purchase

refinery on November 7 Algerian Energy Minister Mohamed Arkab gas from Algeria

The application list for Dangote Industries’ expects oil revenues to nearly double to reach Slovenia will sign a natural gas purchase agree-
NGN112.4bn ($256mn) bond closes on Novem- $50bn by the end of the current year, state news ment with Algeria next week, news agency STA
ber 7, The Nation has revealed. The bond lasts agency APS quoted him as saying on Tuesday, cited Prime Minister Robert Golob as saying on
for 10 years, with a minimum subscription of November 8. November 8.
NGN10mn, specifically designed to attract high- The minister also anticipates crude prices to Slovenian ex-infrastructure minister Jernej
net-worth investors and investment firms. stabilise at $100 per barrel by end-2022 as the Vrtovec announced in March that Slovenia
The application process lasted for a week. OPEC decision to cut production by 2mn bar- planned to import natural gas from north Afri-
The money raised through the bond issue will rels per day (bpd) will keep the market balanced can countries, like Algeria and Morocco, via Italy
be used to finance capital cost items for the Dan- among global economic woes of imminent to reduce its dependence on Russian gas follow-
gote Refinery project, the company’s integrated recession. ing the war in Ukraine
refinery and petrochemical complex in Lagos. The recovery of oil prices after COVID-19 The deal will be signed during a visit by the
The project is seen as being important for the pandemic will continue, Arkab noted, explain- foreign and infrastructure ministers to Algiers.
Nigerian economy, due to the country’s lack of ing the crude revenues have helped improve “The agreement has been finalised and ini-
refinery capacity. As things stand, the majority of Algeria’s overall fiscal indicators. tialled,” Golob was cited as saying.
Nigerian oil is sent abroad to be refined. He also pointed out that the country’s bna/November 8 2022

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