Madkour secures US$54m from NBK-Egypt for its national duties

EGYPT – National Bank of Kuwait – Egypt (NBK-Egypt) has provided a finance of EGP 850 million (US$54.05m) to Madkour for Projects Company, one of the national companies in the field of energy and infrastructure projects. Madkour will use the financing to carry out the works assigned to the company by the Ministry of Housing to replace and upgrade medium and low voltage electricity networks in some villages of Markaz Esna and Markaz Armant in Luxor Governorate. The financing agreement was signed at NBK-Egypt’s head office in the presence of…

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Kenya to convert thermal plants to LNG in climate-friendly grid push

KENYA – Kenya plans to retire or convert heavy fuel oil-fired power plants to use liquefied natural gas by 2030 as it pursues a cleaner energy path to a 100% climate-friendly grid. State-owned Kenya Electricity Generating Company (KenGen) is conducting a feasibility study on reconfiguring the thermal power plants that currently account for about 7% of the grid load, said Isaac Kiva, renewable energy secretary at the Energy Ministry. The move is part of the East African nation’s target to reach net-zero carbon emissions by 2050. “We won’t be using…

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Kenya to host 25th Africa Energy Forum in June 2023

KENYA – Ahead of the 23rd edition of the Africa Energy Forum (aef), taking place in London from 15-17 November 2021, EnergyNet has confirmed that Nairobi, Kenya, will be host to the 25th edition, which will take place in June 2023. The announcement was agreed at the height of the pandemic lock-down with African Development Bank VP Kevin Kariuki, who chairs the 2021 forum as it arrives in London, the UK in November 2021. Simon Gosling, Managing Director, EnergyNet, said, “Lockdown impacted people across the continent significantly, and it was…

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Omnia Holdings offloads stake in Umongo Petroleum for US$68.5m

SOUTH AFRICA – Diversified chemicals company Omnia Holdings, which said that it had sold a majority stake in Umongo Petroleum for R1 billion (US$68.5 million), is now ’actively pursuing’ acquisitions in mining and agriculture to add to its war chest as well as considering a possible ’special dividend’ to shareholders or a share buyback at the end of the financial year, reports IOL News. Omnia and minority shareholder Autumn Storm Investment had negotiated the deal in a transaction, which will see Orkila South Africa (Orkila), a subsidiary of Azeli, a…

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ITFC signs US$116.4m Murabaha Financing Agreement with SENELEC to support Senegal’s energy sector

SENEGAL – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, approved US$116.4 million Murabaha financing to SENELEC (Senegal National Power Company) to help meet the growing electricity demand, improve the reliability of power supply, reduce losses, and expand access to previously unserved communities. The company’s strategic mandate is to ensure the production, transmission, and distribution of electricity in Senegal and this approval reflects ITFC’s commitment to supporting the availability and affordability of electricity in member countries. The facility is purposed to cover…

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Tlou Energy signs 10MW PPA with Botswana Power Corporation

BOTSWANA – Tlou Energy, an Australia-based company engaged in the exploration and evaluation of Coalbed Methane (CBM) natural gas and development of solar power generation, has signed a 10MW Power Purchase Agreement (PPA) with the Botswana Power Corporation (BPC). Under the terms of the PPA, BPC will purchase up to 10MW of power generated at Tlou’s Lesedi power project, to be sold into the local power grid. The PPA is for an initial five-year term with the 10MW project being the first phase of Tlou’s planned power project expansion. Tony Gilby,…

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Sahara Group to invest US$1b in LPG to boost African energy transition

AFRICA – Energy and infrastructure conglomerate, Sahara Group, plans to invest over US$1 billion to enhance access to liquefied petroleum gas (LPG) in Africa and emerging economies in a bid to boost the energy transition on the continent. Executive director of the Sahara Group, Temitope Shonubi, disclosed this at the African Refiners and Distribution Association (ARDA) conference 2021 in South Africa where he spoke on the role of LPG in Africa’s energy transition. “Sahara, through its subsidiary, WAGL Energy Limited, is already working towards investing US$1 billion to ramp up its…

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Kosmos Energy acquires additional Ghana interests for US$550m

GHANA – Kosmos Energy and Ghana National Petroleum Corp. (GNPC) have agreed to acquire interests in Tullow-operated Jubilee and TEN fields offshore Ghana from Occidental Petroleum Corp., Houston for US$750 million. Combined, the assets had a second-quarter 2021 net production of 22,000 boe/d. In a US$550-million deal that closed October 13, 2021, Kosmos gained an additional 18% interest in Jubilee field and an additional 11% interest in TEN fields. The deal increases Kosmos’ interests in Jubilee to 42.1% and in TEN to 28.1%. Consideration due to OXY at completion was…

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Coal power plant plans remain in five southern African countries’ energy mix

SOUTHERN AFRICA – Five Southern Africa countries, Botswana, Malawi, Mozambique, South Africa and Zimbabwe are forging ahead with their coal power plant plans despite the global ‘no new coal’ agenda. These five African countries are part of a group of 21 countries that have more than one new coal power plant at the planning stage. The five African countries all have projects that are seeking financing from China, which now face an uncertain future following China’s recent announcement that it will end support for overseas coal projects. This is despite…

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Energy company Sasol to explore potential of green hydrogen project in South Africa

SOUTH AFRICA – Sasol, an energy and chemical company, has signed a Memorandum of Agreement (MOA) with the Northern Cape Development Agency (NCEDA) to lead the feasibility study to explore the potential of the Boegoebaai green hydrogen project as an export hub for green hydrogen and ammonia. This study is expected to take approximately 24 months. The outcomes of this feasibility study will determine the next step of development. The Boegoebaai green hydrogen development has been designated a Strategic Integrated Project (SIP) in the South African National Development Plan and…

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