VenturesNow

Libya’s National Oil Corp signs South Refinery contract with Honeywell

Published

2 years ago

March 26, 2023

Libya’s National Oil Corp (NOC) announced on Sunday it had signed a contract with Honeywell (HON.O) for engineering work on its planned South Refinery project, which is expected to cost between $500 million and $600 million.

According to a statement by NOC subsidiary, Zallaf For Oil And Gas Co, the project would be carried out in two phases but not issue a schedule for works.

Libya hopes to take advantage of increased demand for its oil and gas as the Russia/Ukraine war continues. The country is seeking to bring foreign investment back into its energy sector after two and a half years of comparative peace following years of conflict.

The war has forced major global players to push for the enhancement of relations with oil-rich Libya. The United States in the week ending revealed that it is “actively” working to re-establish a diplomatic presence in Libya following a season of ruptured ties between the countries.

Last month, the Tripoli-based government agreed to move forward with an offshore gas project with Eni (ENI.MI).

Despite a plan for national elections, the political situation remains fragile, and armed factions have shut down production repeatedly since the ceasefire that ended the last bout of fighting in October 2020.

The North African country is strategic in the global economy as its oil reserves are the largest in Africa and among the ten largest globally.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”