| Africatime
Sunday 30 April 2017
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will affect millions of people, and it will be one of the most important issues of the 21st century," he said, adding that the comprehensive approach of China means that the aspirations and development strategies of all countries involved will be...
(Bloomberg 04/20/17)
Libya’s El-Feel oil field, operated by a venture between Eni SpA and the state producer, re-opened after a two-year halt in operations that crimped the OPEC nation’s output, according to a person familiar with the situation. The field, also known as Elephant, re-opened on Wednesday, said the person, who asked not to be identified because of a lack of authorization to speak to media. It hasn’t resumed pumping oil yet because of an electricity outage, Petroleum Facilities Guard Brigadier Idris...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/11/17)
Production at Libya's Sharara oilfield has been halted after an unknown group blocked a pipeline just one week after a previous shutdown, a Libyan oil source and a field engineer told Reuters on Monday. Sharara's production had recovered to 213,000 barrels per day (bpd) by Sunday, when the latest stoppage began. The new blockade led the North African country's National Oil Corporation (NOC) to declare force majeure on loadings of Sharara crude from the Zawiya export terminal, the oil source...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Libya Herald 04/05/17)
The Egyptian General Petroleum Corporation (EGPC) and Egypt’s petroleum projects construction company Petrojet are looking to reactivate their presence on Libya. Both had meetings today to that effect with Presidency Council deputy leader Ahmed Maetig as well as with Mustafa Sanalla, the head of the National Oil Corporation. In a statement following his meeting with the visiting heads of both EGPC and Petrojet, Maetig stressed the importance of economic cooperation with Egypt. It was also agreed to form a joint team from the National Oil Corporation and the Egyptian General Petroleum Corporation which would study possible projects.
(Bloomberg 04/04/17)
Oil’s rally above $50 a barrel is running out of steam after Libyan production returns, bringing the focus back to OPEC. Futures in New York extended losses after dropping 0.7 percent on Monday, following a 5.5 percent jump last week. While OPEC output fell by 200,000 barrels a day in March, the decline was helped by cuts in Nigeria and Libya that are exempt from its production-curb deal to shrink a global glut, a Bloomberg News survey shows. Libya was...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Bloomberg 04/03/17)
Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption. Force majeure on the Zawiya export terminal was lifted after pumping resumed Sunday at Sharara, the nation’s biggest oil field, Mustafa Sanalla, chairman of Libya’s state-run National Oil Corp., said Monday by phone. Libya’s overall production is 660,000 barrels a day, according to a person familiar with the matter who isn’t authorized to speak to...
(Reuters (Eng) 04/03/17)
Libya's Sharara oil field resumed production on Sunday after a week-long shutdown when a pipeline linking it to an export terminal was blocked, a Libyan oil source told Reuters. Crude from the field is due to reach the Zawiya terminal later tonight the source said, declining to be identified because he was not authorized to speak to the media. NOC declared force majeure on exports of Sharara crude on March 28, a day after the shutdown of the field. The...
(The Guardian 03/30/17)
Power struggle could undermine authority of UN-backed Libyan Government of National Accord. A power struggle for control of Libya’s oil is threatening to deepen splits in the country and undermine the fragile authority of the UN-backed Libyan Government of National Accord, the GNA. The battle has forced the politically neutral chairman of the Libyan National Oil Corporation (NOC) to warn the GNA that it has overstepped its authority both by closing the oil ministry and by trying to take over some of the NOC’s role. The attack by Libyan oil boss Mustafa Sanalla’s may weaken already fraying international support for the Tripoli
(Reuters (Eng) 03/30/17)
Oil prices rose further on Thursday, building on two days of increases after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply. Brent crude oil LCOc1 was up 20 cents at $52.62 a barrel by 1330 GMT (9:30 a.m. ET). U.S. crude oil CLc1 was 45 cents higher at $49.96 a barrel. Both benchmark crude contracts rose more than $1 a barrel on Wednesday to their highest levels for two weeks,...
(Reuters (Eng) 03/29/17)
Oil prices extended gains on Wednesday despite industry data showing an increase in U.S. crude. inventories, lifted by supply disruptions in Libya and views that an OPEC-led output reduction is likely to be extended. Front-month Brent crude futures rose 41 cents to $51.74 a barrel by 0929 GMT (5:29 a.m. ET). West Texas Intermediate (WTI) crude futures were up 34 cents at $48.71 a barrel. Oil production from the western Libyan fields of Sharara and Wafa has been blocked by...
(Bloomberg 03/29/17)
Oil rose after a pipeline halt reduced output in OPEC member Libya, countering concerns that a U.S. surplus shows little sign of diminishing. Libya’s output was said to fall to about 500,000 barrels a day after a pipeline carrying crude from the Sharara field -- its biggest -- stopped operating. Clashes between armed groups in the nation have previously led to market disruptions, and the latest news drove New York oil futures up as much as 1 percent after boosting...
(Bloomberg 03/28/17)
Libya’s biggest oil field was said to stop producing, leading to a 20 percent decline in crude output from the country with Africa’s largest reserves. The OPEC nation’s output dropped to 560,000 barrels a day, according to a person familiar with the matter who isn’t authorized to speak to the media and asked not to be identified. The North African country was pumping 700,000 barrels a day, Mustafa Sanalla, chairman of state-run National Oil Corp., said on March 22. Oil prices rose as much as 1.4 percent. The pipeline carrying crude from Sharara, Libya’s biggest field, to the Zawiya
(Andalou Agency 03/28/17)
Libya’s warring camps remain locked in conflict over North African country’s oil-rich central region Forces loyal to Libya’s Tobruk-based parliament, led by military leader Khalifa Haftar, hope to capture a strategic airbase as a necessary step to retaking Libya’s coveted “oil crescent” region, according to sources close to the conflict. Ali Said, an officer in the pro-Haftar camp, spoke to Anadolu Agency about Haftar’s ongoing campaign and recent military deployments to the strategic region. “Our recent deployments are aimed not...
(Reuters (Eng) 03/23/17)
Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. The NOC said in a separate statement it hoped to...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...

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