Russia has declared Egypt its largest African trade and economic partner, emphasizing a strengthening bilateral relationship.Trade between Russia and Egypt is projected to exceed $9 billion by 2024, commemorating 82 years of diplomatic ties.Collaborations across the energy, agriculture, and tourism sectors showcase Egypt as a strategic ally for Russia outside Europe and Asia.Russia is constructing...
Category: News
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FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition
The Country Manager for Ghana’s chapter of the Natural Resource Governance Institute (NRGI), Dennis Gyeyir, has cautioned that Africa’s energy transition agenda is under threat, with nearly half of the projected 2025 investment flows into the continent’s energy sector expected to be channelled into fossil fuels. Making a presentation at the 2025 Future of Energy...
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Ghana, Nigeria Weigh Barter Deal: Electricity for Gas
Ghana is in talks with Nigeria over a potential barter arrangement that would see electricity exported in exchange for gas, Energy and Green Transition Minister John Jinapor has disclosed. Speaking at the Future Energy Conference (FEC) organised by the Africa Centre for Energy Policy (ACEP), Mr. Jinapor said the initiative could enhance regional energy security...
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Ghana Cuts $300m in IPP Debt After Tough Renegotiations
Ghana has secured a $300 million debt reduction after renegotiating payment terms with Independent Power Producers (IPPs), easing one of the biggest financial pressures on the country’s power sector. The deal trims outstanding obligations from $1.5 billion to $1.2 billion, according to Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP), who...
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PHDC Deepens Talks with Al Jedad Holdings on Petroleum Hub Project
The Petroleum Hub Development Corporation (PHDC) has advanced its engagement with Qatari investment firm Al Jedad Holdings and its Ghanaian partner, Fortune Investment, in a bid to fast-track participation in the multibillion-dollar Petroleum Hub project. The meeting, chaired by PHDC Deputy CEO of Finance and Administration, Halimatu Sadia Abdulai Abu, focused on strengthening earlier discussions...
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Dr. Wisdom Enang warns that recent Global oil price decline could undermine Nigeria’s fiscal plans
SAMPSON ENYONGEKERE, UYO A shrewd and globally revered energy expert, Engr. (Dr.) Wisdom Patrick Enang has identified industrialization as the most viable path to unlocking Nigeria’s economic potential. Dr. Enang proffered the opinion on Friday, August 15, while speaking with newsmen in Uyo, the Akwa Ibom State capital. While presenting his opening address, the erudite...
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Brazil’s Petrobras can return to Nigeria quickly, Nigerian president says
ABUJA, Aug 26 (Reuters) – Brazil’s state-run oil company Petrobras, which left Nigeria five years ago, should be able to return quickly, Nigerian President Bola Tinubu told a news conference with his Brazilian counterpart as part of a two-day visit to deepen ties.Petrobras began operations in Nigeria in 1998 in the deep waters off the...
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Egypt petroleum ministry says work underway in three new wells in Zohr gas field
Aug 26 (Reuters) – Work is underway at three new wells in the Zohr gas field in the Mediterranean in the current financial year, Egypt’s petroleum ministry said on Tuesday.Another well, the Zohr-6 well, has added about 65 million cubic feet per day of gas to Egypt’s output, the ministry added.Italian energy group Eni (ENI.MI),...
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Oil falls from almost three-week high driven by Russian supply risks
LONDON, Aug 26 (Reuters) – Oil prices lost more than 1% on Tuesday after surging nearly 2% in the previous session as traders monitor developments surrounding the war in Ukraine and potential disruption to Russian fuel supplies.Brent crude was down $1.08, or 1.57%, at $67.72 a barrel by 1040 GMT, having hit its highest since...
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Namibia–Botswana oil refinery project moves to feasibility stage
Feasibility studies are currently under way for a proposed joint oil refinery between Namibia and Botswana, with Walvis Bay and Ghanzi under consideration as possible sites, Namibia Mining & Energy can reveal. Although cost estimates of around US$4 billion have been mentioned, Deputy Head of the Upstream Unit, Carlo McLeod, says that no official budget...