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Mozambique: TotalEnergies to resume LNG project, ready to obey rights report

Published

2 years ago

May 23, 2023

Energy giant, TotalEnergies said it would resume the LNG project in Mozambique as soon as it adopts the recommendations of a commissioned human rights report that was published on Tuesday.

According to TotalEnergies spokesperson, “At this time there is no date for a restart, although the project partners take note of the report and note the security improvements on the ground.

“An action plan has been decided upon based on the report’s conclusions, and this plan will now be implemented.”

The French multinational recently reacted to a remark by Mozambique President, Filipe Nyusi on improved conditions before the restart of business when it claimed its $20 billion Mozambique liquefied natural gas (LNG) project was being delayed by contract complications.

An insurgency in the province of northern Mozambique linked to the Islamic State claimed hundreds of lives and stopped the $20 billion LNG project.

According to the commissioned assessment written by humanitarian action expert, Jean-Christophe Rufin, armed conflict was anticipated to continue, with the danger zones being south and west of the Mozambique LNG site.

The venture, which TotalEnergies controls with a dominant 26.5% share, was put on hold in 2021 when terrorists with ties to the Islamic State assaulted residents in the northern Cabo Delgado province of Mozambique, where the liquefied natural gas project is situated.

Related Topics:Featured Mozambique TotalEnergies

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Moroccan annual inflation rises to 0.8% in November

Published

2 days 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

3 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.”