07 September 2018 | Ekonomie

Africa Briefs

S. Sudan to return to peak oil output

South Sudan expects to reach peak oil output of 350 000 barrels per day (bpd) by mid-2019 as production ramps up at fields that were offline due to violence, South Sudan's minister of petroleum said.

South Sudan seceded from Sudan in 2011 when output peaked at 350 000 bpd but two years later plunged into civil war.

Last week South Sudan resumed pumping 20 000 bpd of crude from the Toma South oilfield, where production had been suspended since 2013.

Production at five previously suspended oilfields is expected to reach 80 000 bpd after maintenance work is completed by the end of the year, officials said during a site visit.

The government, which stopped negotiations with France's Total over development of blocks B1 and B2, is expected to choose a new partner by the end of December.– Nampa/Reuters


Angola's net reserves fall

Angola's net foreign exchange reserves dropped to US$12.662 billion in August from a revised US$14.002 billion in July, data posted on the central bank's website showed on Wednesday.

– Nampa/Reuters


Kenya 428km power line complete

A high voltage power line to carry electricity from a 310 megawatt (MW) wind power plant to central Kenya from the north is complete and supply to the national grid will stabilise by December, the energy minister said, replacing diesel generation.

The 428km, 400-kilovolt power line is critical for the Lake Turkana Wind Power project, to carry electricity from Loiyangalani in the north to Suswa in the centre of Kenya.

Danish wind turbine maker Vestas Wind Systems, supplier of the wind farm's 365 turbines, said last year it was ready for launch but would be idle until the government installed the transmission line.

Construction of the power line started in November 2015 and had been due to be completed by December last year, but the timeline once more shifted to September.

Kenya, which has more than 6.5 million customers connected to the power grid, has installed generation capacity of 2 351 megawatts (MW) with peak demand of 1 802 MW, it said in June.

– Nampa/Reuters


Egypt signs loan deal with China

State-run National Bank of Egypt (NBE) said on Wednesday it had signed a US$600 million loan agreement with the China Development Bank.

It said in a statement the loan deal was signed in Beijing on Tuesday “to finance the working capital of NBE customers”, without elaborating.

NBE received a US$700 million loan from the China Development Bank to finance infrastructure projects in 2016.

Egypt is trying to spur economic growth after a 2011 uprising ushered in political instability that scared off tourists and foreign investors.

– Nampa/Reuters