Africa Brief: CAR leader seeks help, CIG reports strong results, Cameroon, Nigeria, Rwanda and more
CAR leader seeks help from France, Africa
Central African Republic (CAR) Prime Minister Nicolas Tiangaye appealed on Tuesday for assistance from France and for an African force to help secure the country following violence in the wake of the rebel takeover last month.
For the full story, read CAR leader seeks help from France, Africa by SAPA-AFP-AP, published by Business Day on 18/04/13
CIG reports strong results, opportunities in Africa
Consolidated Infrastructure Group (CIG) said yesterday it had delivered strong results for the six months to February, largely due to renewable energy project work and increased spending on electrical infrastructure in Africa. CIG — through its main subsidiary Consolidated Power Projects (Conco) — is the largest turnkey developer and installer of high-voltage electrical substations and overhead cables in sub-Saharan Africa. Mr Gamsu said Conco had performed well over the past six months, securing a healthy 17% increase in its order book to R2.1bn from R1.8bn.
For the full story, read CIG reports strong results, opportunities in Africa by Alistair Anderson, published by Business Day on 18/04/13
Asia buys a stake in East African gas
Asian state-owned oil companies are making inroads in the contest for East Africa’s energy reserves, gaining power in export projects that western explorers like Royal Dutch Shell used to dominate. Fields off Mozambique’s coast are estimated to hold enough gas to meet global demand for two years, a prize that persuaded state-owned China National Petroleum Corporation (CNPC) to make its biggest foreign investment. The Beijing firm agreed to pay Italian oil major ENI $4.2bn last month for a share in the fields and a planned liquefied natural gas (LNG) plant.
For the full story, read Asia buys a stake in East African gas by Matthew Campbell and Brian Swint, published by Business Day on 18/04/13
R800m green deals drive Conco
Conco, the power subsidiary of listed Consolidated Infrastructure Group (CIG), had won R800 million worth of work for green energy projects as part of the first round of the Department of Energy’s renewable energy programme, CIG chief executive Raoul Gamsu said yesterday .Conco’s high growth rate continued in Africa and it had won tenders to build and up¬grade electrical substations in countries including Angola, Mozambique, Tanzania, Botswana, Ghana and Zambia. However, he said the Saudi Arabian market remained a challenge despite Conco having won a few small tenders there. The prospects of securing a reasonable market share in the Middle East seemed limited.
For the full story, read R800m green deals drive Conco by Roy Cokayne, published by The Star Business Report on 18/04/13
Cameroon: IMIC plans bid for mining firm
International Mining and Infrastructure Corporation (IMIC), an investment group listed in London, is preparing an offer of £147 million (R2.1 billion) for west Africa-focused mining house Afferro. It is the biggest move yet in IMIC’s strategy of building an African-orientated resources group. The bid promises to resolve the infrastructure problems that have held back Afferro’s flagship asset, the Nkout iron ore project in Cameroon, through a separately secured partnership with a subsidiary of China Railway Group. But it depends on IMIC raising the finance in the next 15 days and some analysts said it was hard to see value in the bid.
For the full story read, Cameroon: IMIC plans bid for mining firm by Reuters, published by The Star, Business Report on 18/04/13
Rwanda: First Eurobond seeks $400m
Rwanda, which starts marketing $400 million (R3.7 billion) of debut eurobonds this week, is counting on the investor appetite for African debt that enabled Zambia to increase the size of its first dollar bonds in September last year and Tanzania to attract four times the sum it had sought last month. Citigroup and BNP Paribas, the lead managers for the 10-year bond offering, would arrange investor meetings in Asia, Europe and the US starting from today, central bank governor John Rwangom-bwa said.
For the full story, read: Rwanda: First Eurobond seeks $400m by Bloomberg, published by The Star, Business Report on 18/04/13.
Nigeria: Tycoon invests in oil refinery
Africa’s richest man, Aliko Dangote, planned to invest up to $8 billion (R73bn) to build a Nigerian oil refinery with a capacity of about 400 000 barrels a day by late 2016, almost doubling Nigeria’s refining capacity he said on Tuesday “This will really help not only Nigeria but sub-Saharan Africa. There has not been a new refinery for a long time in sub-Saharan Africa,” Dangote said. Past efforts to build refineries have often been delayed or cancelled, but analysts expected Dangote to be able to build a profitable Nigerian refinery because of his past successes in industry and his strong government connections.
For the full story, read: Nigeria: Tycoon invests in oil refinery by Reuters, published by The Star, Business Report on 18/04/13.