Brent Crude is trading at $62.08, WTI at $52.78 and natural gas at $3.28 per million BTU (at 17:22 in South Africa). Here are AOPs top news stories from the last seven days.
Leading news articles from South Africa caused a stir this week, with Saudi Arabia announcing plans to build an oil refinery and a petrochemicals plant in the country, ending the week on a high note.
Saudi Arabia announce plans to build oil refinery, petrochemicals plant in South Africa
Saudi Arabia Energy Minister, Khalid Al-Falih, on Friday announced plans to build an oil refinery and a petrochemicals plant in South Africa.
The construction is part of a $10 billion Saudi Arabian investment drive into South Africa.
IPPs increase year-on-year share of electricity generation
Total national electricity generation in South Africa fell by 0.2 percent year-on-year (y/y) to 21,197GWh in November 2018, according to preliminary data released by Statistics South Africa (Stats SA).
The reduction in electricity generation by state-utility Eskom was greater at -1.1 percent y/y during the same period, suggesting that alternative electricity producers and imports played a more significant role in power production during 2018 compared to the previous year.
Angola: Germany looking for renewed investments in Angola
As another signal of renewed interest in investing in Angola, German ambassador Dirk Lölke, told Angop that the European country wants to invest more in Angola.
During a recent meeting with parliament speaker Fernando da Piedade Dias dos Santos, Lölke said that “Germany is available to increase its investment in Angola in the energy and health sectors.”
South Sudan pipeline leaking two barrels an hour
Corroded pipeline infrastructure has contributed to a crude oil leak in South Sudan’s Houdi area, in the Nile River state.
In a statement released on Saturday, Sudan’s oil and gas Ministry said the leak is estimated at around two barrels per hour, noting that the affected area did not exceed 200m.
Senegal’s petroleum code moves towards final stage
Along with the Grand Tortue/Ahmeyim field’s final investment decision (FID) signed at the end of 2018 and presidential elections coming up in the country in February, Senegal’s new petroleum law is one of the three major initiatives to come through in 2019.
Fuelling a crisis
Zimbabwe has entered day three of a national shutdown, after government announced a more than 100 percent increase per litre in fuel prices over the weekend.
The petrol price skyrocketed from $1.24 to $3.11 and diesel up to $3.11 from $1.36, making the country’s fuel prices the most expensive in the world.
Africa Infrastructure Investment Managers fund invests $31m in BBOXX
Off-grid solar photovoltaic (PV) power provider BBOXX has secured a $31 million investment from the Africa Infrastructure Investment Managers (AIIM) fund to roll out two million solar systems in Africa by 2022.