Page 19 - AfrOil Week 49 2021

AfrOil BUSINESS NEW AFRICA PREVIEW AfrOil

For a preview of more O&G news, visit our new partner site

business new africa

EGYPT from sales of natural gas and condensates, while the removal of five specific nuisance levies and
NOC’s revenues from petroleum product sales taxes.”
Abu Qir Fertilizers in October stood at $34mn, and from petro- and Yango, among others, appear to be cashing
Meanwhile, ride-hailing apps like Uber, Bolt
chemicals at $2.23mn.
to offer 10-15% of equity to Libya’s electricity generation sector in Septem- up, commuters are largely ready to pay.
NOC remained committed to supplying oil in on the strike. Although their prices have shot
in secondary offering ber, delivering crude oil worth $19.3mn to Ubari aspect of Ghana’s economy. Fuel price hikes has a
Prices of fuel products affect almost every
power station as well as oil worth $3.65mn to ful-
Majority state-owned (and Egyptian Stock fil the fuel requirements of the Mellitah electric- cause-and-effect relationship on prices of goods
Exchange-listed) Abu Qir Fertilizers is offering ity company. and services.
an additional 10-15% of share equity in a sec- Libya, an OPEC member, has managed to Ghana’s current inflation is 11.0% beyond the
ondary offering this month. keep its production above 1mn barrels per day 10.6% projected by the Bank of Ghana.
A virtual roadshow targeting potential insti- (bpd) since November 2020 and production hit bna/IntelliNews, December 6 2021
tutional investors is currently underway for the 1.3mn bpd in April. Hopes of a recovery and
company’s shares and the transaction could production were boosted with the formation of
close before the end of the year. The offer price a national unity government in mid-March end- ANGOL A
will be +/-10% of the average share price during ing a split between dueling eastern and western
the 90 days prior to the sale. administrations. NOC aims to raise daily pro- Eni-Sonangol JV moves
In pursuit of its privatisation drive, the Egyp- duction to 1.45mn bpd by the end of 2021 and
tian government is taking advantage of red-hot to 1.6mn bpd within two years and 2.1mn bpd forward on Angola
international prices for fertilisers that are push- within four years. The NOC plans to start new
ing Abu Qir’s revenues and earnings through oilfields in the coming months in the basins photovoltaic project
the roof. Global prices of nitrogen fertilisers, of Sirte, in the central part of the country, and
whose primary input is natural gas, skyrocketed Ghadames, in the west. Italian energy major Eni said on December 6
this year on the back of rising natural gas prices, bna/IntelliNews, December 6 2021 that plans to build the Caraculo photovoltaic
increasing producers’ revenues and income. (PV) plant in Angola will move forward follow-
Abu Qir, whose main product is urea, a ing a final investment decision (FID) by Solen-
nitrogen fertiliser, took advantage of higher GHANA ova, its joint venture with national oil company
international prices, channelling just about half (NOC) Sonangol.
of its production to export markets. As a result, Commercial drivers in Solenova, which aims at developing renew-
it reported a 30% y/y jump in net income dur- able energy projects, has also signed an engi-
ing FY2020-2021 and saw its quarterly earnings Ghana commence sit-down neering, procurement and construction (EPC)
almost double to EGP1.3bn ($82.75mn) in the contract for the first phase of the Caraculo PV
first quarter of FY2021-2022 (July-September strike over fuel price project, located in Namibe Province.
2021). “The Caraculo photovoltaic plant will be an
The Egyptian government last month allowed hikes, new taxes important source of electrical power in Namibe
producers to raise subsidised fertiliser prices by Province, from a renewable resource, and will
50% to EGP4,500 per tonne to offset a recent The Ghana Private Road Transport Union allow the reduction of diesel consumption for
28% hike in natural gas prices for industrial use. (GPRTU) began a nationwide strike on Monday electricity generation, thus reducing the emis-
Although the move will be a boost for the cof- (December 6) in protest over rising fuel price sion of greenhouse gases (GHG) and contribut-
fers of fertiliser producers, it will also stoke food hikes as well as taxes in the 2022 budget. ing to Angola’s energy transition,” Eni said in a
price inflation – a potentially thorny issue for a The transport operators want the govern- statement.
government worried about social stability. ment to scrap five sets of taxes that will affect Caraculo is expected to come online in the
bna/IntelliNews, December 3 2021 pump prices: the Price Stabilisation and Recov- fourth quarter of 2022. The plant will have a total
ery Levy, the Special Petroleum Tax, Energy capacity of 50 MWp to be built in a phased man-
Sector levy, Energy Debt Recovery Levy, and the ner, the first phase being 25 MWp.
L I BYA Sanitation and Pollution Levy. In addition to the positive impact on the envi-
Their directives were contained in a state- ronment, the project will also contribute to the
Revenues of Libya’s NOC ment by Joint Association of Port Transport sustainable development of communities in the
Unions (JAPTU) Ghana executive secretary surrounding areas, Eni said, which will benefit
hit $1.9bn in October 2021 Ibrahim Mussah, which also said the Coalition from greater access to energy, water, health and
had directed leadership of all affiliates, as well as education.
Revenues of Libya’s oil champion the National drivers and owners of commercial transport, to “The positive impacts of the project to be reg-
Oil Company (NOC) from crude oil and gas participate to ensure full compliance. istered in the environmental and social sector
as well as petrochemicals hit $1.9bn in Octo- The decision to strike was unanimously taken domains will also contribute to the promotion of
ber 2021 on growing output and favourable by transport operators associations at a meeting the achievement of the United Nations Sustain-
oil prices. The vast majority of hydrocarbon held at the Ghana Trades Union Congress on able Development Goals (SDGs), mainly SDG
revenues amounting to $1.85bn derived from November 22 to protest the “deafening silence #7 – Affordable and Clean Energy,” Eni said.
crude oil sales. A further $34mn was generated of government in the 2022 budget statement on bna/IntelliNews, December 6 2021

Week 49 08•December•2021 www. NEWSBASE .com P19