Since the Iranian Revolution in 1979, some members of the international community including the U.S. have accused Iran’s government of sponsoring terrorism. South Africa is not one of the accusers. On the contrary, South Africa is expanding trade and defense commitments with the Islamic republic, with plans to expand tourism ties between the two countries. A potential loss of tourists to the U.S. from Muslim-majority countries could be South Africa’s gain as President Donald Trump attempts a travel ban and threatens to tear up the Iran nuclear deal.
Oil & Gas: Latest News
Staff, 12:15 pm
Netherlands-based Vitol has been one of the big winners of the oil price crash, as the glut in supply led to arbitrage and storage opportunities. The company enjoyed one of its most profitable years in 2015, with a 15% increase in net income to $1.6B. Independent oil traders typically avoid involvement in big oil exploration projects, focusing on moving oil and fuel from where it is produced to where it is most needed. But a few have made tentative steps as it can provide an alternative source of revenue and secure source supply.
Staff, 1:01 am
Overall, capital importation into Nigeria fell 47 percent in 2016. Foreign direct investment flows were way up but portfolio investments were way down, deterred by the recession and the currency. Nigeria in 2016 imported the bulk of its capital from Britain, the U.S. and Netherlands, with the telecoms, banking and oil sectors the main beneficiaries. Nigeria’s stock market fell 6.2 percent in 2016 while the naira lost a third of its official value against the dollar. In 2017, stocks continue to fall, down 3.1 percent so far.
Peter Pedroncelli, 2:15 am AFKI Original
The African continent is home to some of the fastest growing economies on the planet, with numerous nations on the continent among the top 10 best performing economies globally. The best performing economies in Africa have benefited from government policies and structural reforms, which have resulted in strong inclusive growth. According to the International Monetary Fund’s (IMF) World Economic Outlook for 2016, a long list of African economies were in line to achieve positive growth above 3% for the year 2016.
‘This Is Huge’: Nigeria Seizes Africa’s Richest Oilfield From Shell, Eni In Corruption InvestigationBy Dana Sanchez, 12:54 pm
A Nigerian court has ordered petroleum giants Shell and Eni to temporarily forfeit assets and control of a massive, long-disputed oilfield to the government. The OPL 245 bloc is considered the richest in Africa — big enough to provide all Nigeria’s oil production needs for 11 years. Shell and Eni bought the bloc in 2011 for $1.2 billion knowing it was a fraudulent transaction, the petition said. The government is investigating conspiracy, bribery, official corruption and money laundering. “Generations of Nigerians have been robbed of life-saving services while oil men have grown rich at their expense,” an anti-corruption NGO said.
Dana Sanchez, 2:13 pm
After oil prices crashed, Angola could no longer service its US$25 billion debt to China. Since the loans were supposed to be paid in oil, most of Angola’s crude production now goes to debt repayment, leaving little to finance economic development. Spending has decreased by 40 percent and cuts to water sanitation and waste collection helped put Angola sixth-to-last on World Bank’s index of inequality. Unlike Angola, Mozambique’s foreign debt and accompanying economic problems cannot be traced back to Chinese loans. Instead they are the result of Chinese illegal fishing in its waters.
Staff, 3:53 pm
Recently renewed by U.S. President Barack Obama, the African Growth and Opportunity Act, or AGOA, allows qualifying African countries to export certain products to the U.S. duty free. U.S. exports to Africa, however, are subject to customs duties. Incoming President Donald Trump isn’t going to go for that, says Herman Cohen, a former U.S. ambassador to several African countries. “I have the feeling that he will ask African governments to accept reciprocity in trade relations,” Cohen said.
Peter Pedroncelli, 1:25 am AFKI Original
The year 2016 was not an easy one for South Africa, but investor outlook for the year 2017 certainly looks more positive. Having survived a tough year, investors are now looking at South Africa to gauge whether or not to invest their funds in the emerging market, but there are a flurry of reasons to give the country a second glance in 2017. We take a look 12 things that are expected to improve investor outlook in South Africa during 2017.
Kevin Mwanza, 5:04 am
Nigeria, the second biggest oil producer in Africa, is likely to enjoy increased earnings from its exports by the end of 2017, when global prices are expected rise to $60 per barrel, an increase that will boost the nation’s struggling economy. Global oil prices fell from a peak of $115 per barrel in June 2014 to below $35 in February last year before recovering to $50 per barrel in December.
Dana Sanchez, 11:28 am
Chevron South Africa assets include a refinery in Cape Town that produces 110,000 barrels a day, a lubricants plant in Durban and about 800 Caltex service stations. It’s one of South Africa’s top five petroleum brands and has done business in the country for more than 100 years. Low oil prices and uncertainty about future prices will make it difficult for potential buyers to fund an acquisition themselves or to raise capital externally, a stakeholder said.
Dana Sanchez, 6:15 pm
Teodorin Obiang, the vice president of Equatorial Guinea, is in line to succeed his father, the president. The son also faces 10 years in prison and a $105 million fine for money-laundering. The country’s treasury paid almost $115 million into Obiang’s personal account. Africa’s only Spanish-speaking country is often criticized for repression, torture, corruption and unlawful killings. France is preparing cases against relatives of other African leaders including from Congo, Gabon and CAR.
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