Finance | - Part 158

Investment | Chinese to Invest $2.8 Billion in South Africa Economic Zone

South Africa, Capital Markets in Africa: A group of Chinese investors will invest more than 40 billion rand ($2.8 billion) in an energy and metals-related industrial park in South Africa, giving a boost to the country’s government as it seeks to grow the manufacturing industry and ease unemployment. The consortium, led by Hong Kong Mining Exchange Co., will develop and manage the park, which will house plants to process minerals including chrome, manganese, coking coal and…

Senegal | Woodside to Buy Conoco’s Senegal Assets for $350 Million

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DAKAR, Senegal, Capital Markets in Africa: Woodside Petroleum Limited agreed to buy ConocoPhillips’s assets in Senegal for $350 million to gain a stake in exploration blocks off the West African nation. ConocoPhillips holds 35 percent of a contract with the Senegal government covering three offshore blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, Perth-based Woodside said in a statement to the stock exchange Thursday. “This is a gutsy move from Woodside, which will only pay off…

Africa’s Biggest Pension Fund Invests $730 Million in Home Loans

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South Africa, Capital Markets in Africa: South Africa’s Government Employees Pension Fund, the continent’s largest, invested 10.5 billion rand ($730 million) in mortgage provider SA Home Loans Ltd. to boost government workers’ access to housing. The investment will be done by the Public Investment Corp. on behalf of the GEPF, according to a statement distributed in Johannesburg on Wednesday. Of the funds, 5 billion rand is earmarked for civil servants, 2 billion rand will be allocated to affordable…

Big Oil’s $45 Billion of New Projects Signal Spending Revival

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LAGOS, Nigeria, Capital Markets in Africa: Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude started tumbling two years ago. BP Plc signed off on the $8 billion expansion of…

Angola Said to Discuss $500 Million Loan With Gemcorp

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ANGOLA, Capital Markets in Africa: Gemcorp Capital LLP is negotiating with Angola about providing Africa’s biggest oil producer with a loan of about $500 million even as the IMF said the country called off talks over financial support, according to a person familiar with the matter. Talks are continuing to set up a facility for the Angolan Ministry of Finance to enable it to get dollars for the purchase of medicine and food and an…

Infrastructure | Cameroon, France’s EDF Finalize $1.2 Billion Hydropower Deal

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Cameroon, Capital Markets in Africa: Cameroon’s government and Electricite de France SA concluded a deal to build a 420 MW hydroelectricity plant that will increase the West Africa nation’s power capacity by more than a third. The partners established the Nachtigal Hydropower Company that will oversee the 700 billion CFA francs ($1.2 billion) project during a signing ceremony on Thursday at the site, 65 kilometers (40 miles) south of the capital, Yaounde. EDF will own a 40 percent…

Siemens Targets Building South Africa Gas-Fired Power Plants

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South Africa, Capital Markets in Africa: Siemens AG is interested in bidding to build gas-fired electricity-generating capacity in South Africa as the German engineering company boosts its presence in the country and the government seeks to end power shortages. “Gas can be a complete game-changer for the South African economy,” Siemens South Africa Chief Executive Officer Sabine Dall’Omo, 58, said in an interview in Johannesburg on Wednesday. “Gas is one of our strongholds. International investors are very…

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