Tuesday, September 18, 2018

South Africa News

Coal Soars on Rising Demand from Asia

File Image (CREDIT: AdobeStock / © Leonid Eremeychuk)

Coal prices in Asia are being driven to multi-year highs by a rare combination of simultaneous demand growth in the region's top four importers.Depending on the price used, thermal coal is either close to a two-year high or near the strongest in six years as China, India, Japan and South Korea imported more…

Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise

© Valeriy Lukyanov / Adobe Stock

A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02…

Unique Group Adds Diving & Industrial Gas Supply Service

(Photo: Unique Group)

Offshore solutions provider Unique Group said it has extended its offering to include diving and industrial gas supply for the African offshore market from its base in Cape Town, South Africa.Rodney McKechnie, Group Director at Unique Group, said, “After a rigorous study of the diving industry and the current requirements of customers in the region…

Oil Gains From Dollar Weakness

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Oil rose on Thursday, encouraged by a weaker dollar and evidence of strong U.S. fuel demand, though demand prospects remain clouded by the turmoil engulfing emerging markets and an escalation in the U.S. trade dispute with China.Emerging market stocks, bonds and currencies have plunged in recent weeks in response to financial crises in the likes of Turkey…

Total E&P South Africa Contract for Solstad Farstad

Image: Solstad Farstad

Norwegian offshore vessel owner Solstad Farstad has been awarded contact  for two of its vessels by French oil major Total Total E&P South Africa."Total has awarded Solstad a contract for one Large Anchor Handling Vessel (AHTS) Normand Ranger (2010, VS 491 Design) and one Platform Supply Vessel (PSV) Far Starling (2014…

Port of East London to Expand its Petroleum Footprint

Photo: Port of East London

More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.The companies attended a compulsory briefing on May 9…

For the Global LNG Industry, is the FSRU Honeymoon Over?

(Photo: Höegh LNG)

A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since…

Kongsberg's Operational Advisory Solution for Harsh Environment Semi-Submersible

Photo: Kongsberg Maritime

Odfjell Drilling has awarded Kongsberg Maritime the contract to deliver a real-time monitoring and advisory solution to provide operational safety and non-productive time (NPT) improvements for the 6th generation semi-submersible, Deepsea Stavanger. The contract is in specific relation to an upcoming offshore…

Oil Slips as Focus Shifts to Demand in Coming Months

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Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude…

China's CNOOC Sees Ugandan Oil Production Starting in 2021

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Oil production in Uganda is likely to start in 2021 at the earliest, China's CNOOC said, giving a later date than the government's 2020 target.CNOOC, which is developing the fields in the west of the country with Britain's Tullow Oil and France’s Total , is aiming for a final investment decision this year so development can start…

Mainstream Secures Financing for South African Wind Projects

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Dublin-based renewable energy generator Mainstream Renewable has secured funding to develop two South African wind power projects with a combined capacity of 250 megawatts (MW) it said on Tuesday.The 140 MW Kangnas Wind Farm in the Northern Cape and the 110 MW Perdekraal East Wind Farm in the Western Cape represent an investment of about 6.6 billion rand ($521 million), Mainstr

South Africa to Scale Down Nuclear Expansion

South Africa does not intend to add 9.6 gigawatts of nuclear power as previously planned, energy minister David Mahlobo said on Thursday, but did not diclose how much Africa's most industrialised nation would aim to add to its nuclear fleet. Reporting by Alex Winning

New Board at Eskom Wins Cabinet Approval

South Africa's cabinet has approved a new board at Eskom, the public enterprises ministry said on Friday, adding that the minister expects the state power utility to take decisive action to address governance issues. Eskom has been at the heart of allegations of illegal contracts and undue influence in awarding tenders to the Gupta family, friends of President Jacob Zuma.

Sanjeev Gupta to Buy US-based Steel Assets in 2018

British industrialist Sanjeev Gupta is in talks to purchase and build more U.S.-based steel and industrial assets next year, after buying ArcelorMittal's Georgetown Steelworks at the weekend. Gupta, executive chairman of GFG Alliance which is a $10 billion metals, industrials and energy group, has been snapping up distressed industrial assets in Britain…

Sinopec: South Africa Gives Conditional Approval for Chevron Assets

South Africa will stick with China's Sinopec Corp as the preferred contender to buy Chevron's assets in South Africa and Botswana after it made a fresh commitment to future investments in the country, the Chinese oil major said on Thursday. State-owned Sinopec is competing for the assets with commodities trader and miner Glencore…

Statoil Quits Talks Over a Stake in Mozambique Offshore Block

Statoil decided to quit negotiations over a 25.5 percent stake in Mozambique's offshore A5-A block after more than two years of talks, a company spokesman said Monday. "Statoil has decided to disengage from negotiations on block A5-A in Mozambique... We are not part of this any more, it is up to the other partners to make any moves regarding the stake," spokesman told Reuters.

For Coal Miners, it's Time to Exit or Get Rich: Russell

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

It seems coal miners are adopting one of two disparate strategies, either exit the business in a highly visible way to buff up your climate credentials, or sit tight, keep as quiet as possible and rake in the cash. An example of the public exit from the business is South32 , the Perth-based miner spun out…

Norway's Scatec Solar Says Three Projects Caught in South Africa Row

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Three solar plants planned by Norway's Scatec Solar were among 27 energy deals blocked by a South African court on Tuesday when it agreed to hear a legal challenge by a group loyal to ousted President Jacob Zuma, the firm said on Thursday. State utility Eskom had been due to sign the 27 deals, mostly for wind and solar from independent power producers.

Agreement Paves Way for South African Offshore Supply Base

(left to right – Alan Winde, Minister of Economic Opportunities in the Western Cape; Jeffrey Phang, Managing Director of Saldehco; Eric Hennet, Managing Director of Altus France (back); Sophie Masipa, Chairperson of Saldehco; Siyabonga Gama, Transnet Group Chief Executive; Mlamuli Buthelezi, Transnet Group Chief Operating Officer (back); Shulami Qalinge, Transnet National Ports Authority Chief Executive; and Alderman Marius Koen, Executive Mayor of Saldanha Bay Municipality (Photo: TNPA)

South Africa’s first dedicated and customized facility supporting offshore oil and gas activities will be introduced at the Port of Saldanha. This follows the conclusion of an agreement between Transnet National Ports Authority (TNPA) and Saldehco Pty Ltd, which was signed off at an official ceremony at the port on Monday…

Vivo Energy IPO Launches with 2 bln Pound Valuation

File Image (CREDIT: AdobeStock / © Kasto)

Largest Africa-focused IPO since 2005; Vivo to join FTSE 250 index. Vivo Energy PLC launched on the London Stock Exchange on Friday with a valuation of nearly 2 billion pounds ($2.7 billion), the largest London IPO so far this year and the largest Africa-focused IPO in more than a decade. The initial offer…