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Week commencing 11 July 2016
Angola has signed a memorandum of understanding with Privinvest, the Middle East headquartered industrial group, to introduce hydrokinetic power generation over the next decade. The agreement includes the construction of hydrokinetic turbines and the establishment of hydro-energy fields, and it conforms with the Angolan government’s strategy to provide access to energy to more than 14-million people by 2025.
Yahoo Finance 7 July
Pan Africa Solar has signed Nigeria’s first solar power purchase agreement with the federal government with a plan to invest $146m in building a new power plant. The 75MW solar photovoltaic power project in Katsina State will sell power for a tariff of US11.5c per kWh and be inaugurated next year.
Business News 8 July
Exxon Mobil Corporation and Qatar Petroleum have teamed up to look at energy assets in Mozambique, home to some of the biggest natural gas discoveries in a generation, according to four people with knowledge of their plans. The companies are considering buying stakes in gas fields owned by Anadarko Petroleum Corporation and Eni SpA.
Bloomberg 6 July
German investment fund DEG has bought an additional 5.4% of Nairobi-based reinsurance company Zep–Re, increasing its overall stake to 15%. The DEG deal comes after a similar move by Kenya Re which acquired an additional 4.44% stake in the firm last month to cement its position as the single-largest shareholder with 20%.
Daily Nation 8 July
Rio Tinto has shelved its $20bn Simandou iron ore project in Guinea because of a sustained slump in prices. The world’s second-biggest miner by market capitalisation had been seeking financing for Simandou, even after a $1.1bn writedown on the project in February.
Business Day 4 July
BMW South Africa will take responsibility for distribution and marketing activities across the sub-Saharan region. It will initially focus on seven countries beyond SA: Nigeria, Senegal, Ivory Coast, Togo, Ghana, Kenya and Angola. The expansion covers all BMW group marques, including Mini and Rolls-Royce. Last year, BMW SA announced it would invest R6bn in its Rosslyn assembly plant in Pretoria to build the next-generation X3 SUV.
Business Day 5 July