Oil & Gas

Syndicate of banks grant NNPC US$1.5bn loan to pay off debts

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Nigerian state oil firm NNPC has been granted a loan of US$1.5bn by a syndicate of Nigerian and international banks to allow the company pay off its debts to international fuel traders

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Malawi secures US$76.5 million loan for fuel storage project

barrel  barekimMalawi has secured a loan of US$76.5mn from the Export-Import Bank of India for the construction of fuel reserve facilities

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Cove executives to start Africa-focussed exploration firm

oilwell  Geoff  Dianne RhodesFormer executives from Cove Energy Plc will start an Africa-focussed oil and gas exploration firm after the company was sold for US$1.9bn to Thailand’s PTTE, earlier in 2012

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Ugandans evicted to make way for oil refinery

Uganda villageResidents in the Kabaale village in Uganda have been evicted from their homes to make way for an oil refinery

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Tanzania draws up fuel stock strategy

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The Tanzanian government is to introduce a Strategic Petroleum Reserve (SPR) plan to ensure the country has adequate stock of fuel at all times

Tanzania's deputy minister for energy and minerals, George Simbachawene, informed the National Assembly that the move would ensure a constant supply of oil in the country.

The Ministry of Energy and Minerals has also been considering a review of regulations regarding its bulk procurement system (BPS).

The deputy minister said the recent shortage of petroleum was due to inefficiency by the Petroleum Importation Co-ordinator (PIC), an entity charged with co-ordinating importation of oil through a BPS.

Simbachawene added, “At present, the government has been forced to restructure the PIC Board of Directors to address challenges that have afflicted the industry."

He also explained that joint efforts were underway between the Ministry of Energy and Ministry for Transport to bring about efficient functioning of single point mooring to improve oil discharging capacity at the port of Dar es Salaam.

The deputy minister had earlier indicated that poor discharging infrastructure at the port was among the factors that led to the shortage.

The existing facility, the Kurasini Oil Jetty, has recently been overwhelmed by increased demand for both local and transit markets.

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