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Week commencing 22 January 2018
Three companies, Japan’s Marubeni Corporation and Abu Dhabi Future Energy, also known as Masdar, and local company ElSewedy Electric, have teamed up to invest up to $900m in the country’s wind park projects. ElSewedy will be involved in building wind parks with the capacity to produce more than 700MW. Marubeni – the main financier – signed a memorandum of understanding with Masdar and ElSewedy for the development of the project, expected to cost $1.2m per megawatt. A start-up date for the project has yet to be confirmed.
Bloomberg 18 January
German car manufacturer Volkswagen is investing $20m to set up Volkswagen Mobility Solutions, an assembly and mobility solution plant expected to begin production in the second quarter of 2018. The investment forms the first phase of the firm’s entry into Rwanda. Besides establishing the assembly and retail plant, funds will also go towards training and rolling out a mobile solutions platform. The plant will have a production capacity of 5,000 cars and is set to create employment for up to 1,000 Rwandans in its first phase.
The New Times 18 January
Local oil producer Shoreline Group plans to almost double its crude output after agreeing to a $530m finance deal with global energy and commodity trader Vitol Group and local lenders. Shoreline seeks to boost production to between 80,000 and 100,000 barrels a day from 55,000bpd. Besides Vitol, Farallon Capital Management Ecobank, Fidelity Bank, Union Bank and First City Monument Bank will also provide the financing. The funds will be used to refinance existing debt and provide working capital to expand production.
Bloomberg 18 January
Ghana’s energy department and Ghana National Petroleum Corporation (GNPC) have signed a petroleum agreement with ExxonMobil for the exploration and production rights for the Deepwater Cape Three Point block. The agreement, which is subject to parliamentary approval, gives ExxonMobil an 80% interest in the project and GNPC 15%. The firm will work with the government to identify a local company to potentially hold an interest of up to 5%. Exploration activities, including the acquisition of seismic data and analysis, are expected to start later this year.
Ghana Business News 19 January
Smartphone manufacturer Nuu Mobiles is eyeing the East African market as part of its strategy to expand in Africa. The tech firm will enter the market with the introduction of its Android smartphones, priced between $146 and $485.
Business Daily 16 January