Tag Archives: oil

Luanda, Angola | AFP | The International Monetary Fund said Tuesday it had offered Angola $4.5 billion in loans as the country, which was wracked by civil war until 2002, has been badly impacted by falling oil prices. “Angola can receive a maximum $4.5 billion (4.0 billion euros)… the loan …

Josephine Wapakhabulo, has been appointed the Chief Executive Officer (CEO) of Uganda’s National Oil Company (UNOC). Her appointment announced by company’s board chairman, Emanuel Katongole on Wednesday June 1, comes weeks after The Independent reported that she was being considered for the job. In his statement, Katongole noted that Wapakabulo …

London, United Kingdom | AFP | Nigerian President Muhammadu Buhari said Wednesday that he did not want an apology from Prime Minister David Cameron for calling his country “fantastically corrupt”, but said Britain could return assets stolen by officials who fled to London. “I am not going to demand any …

Chairman Uganda Chamber of Mines & Petroleum Elly Karuhanga has warned that the level of preparedness in the local oil sector is below par. “The level of preparedness is still low since only 25 firms were found eligible to supply the industry. Local suppliers aren’t equal to the task to …

Maputo, Mozambique | AFP | Mozambique on Tuesday said most of $1.4 billion in previously hidden loans had been used to fund maritime security and shipyards, a week after the IMF suspended the country over the undisclosed sum. The Washington-based International Monetary Fund last Wednesday called off a staff mission …

  After formally bagging the new oil pipeline from the Ugandan oilfields through Tanzania to the port of Tanga, yet more good news emerged for Tanzania today. The proposed railway extension from the inland dry port of Isaka to Kigali and Bujumbura will after all be built, providing a safe, …

Riyadh, Saudi Arabia | AFP | Saudi Arabia said Monday it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. The announcement of the long-term reform programme, dubbed “Saudi Vision 2030”, marks the …

Uganda agrees with Kenya to develop the oil pipeline route to the port of Tanga while Kenya develops the Lamu route. — Richard Kabonero (@richardkabonero) April 23, 2016 The 13th Summit of the Northern Corridor Integration Projects concluded today with the surprise decision by the regional leaders to give a go ahead …

MALABO, Equatorial Guinea | AFP | Equatorial Guinea’s tough President Teodoro Obiang Nguema seized power almost 37 years ago from a feared and ruthless uncle and has steered the tiny but now oil-rich nation with an iron glove. Already Africa’s longest-serving leader, the 73-year-old looks set to win a fresh …

Panama Papers expose efforts plot to dodge taxes in oil deals When 370 journalists from 76 countries collaborate on an investigation, the resulting story is bound to be explosive. That is exactly what happened with what has come to be known as “The Panama Papers”; which is a huge leak …