Congo to construct US$600m oil refinery at the port city of Pointe-Noire

CONGO – The government of Congo has launched the construction of a US$600 million oil refinery near the port city of Pointe-Noire, an initiative that aims to increase domestic refining capacity and offset chronic fuel shortages in the country. The ground-breaking ceremony was presided over  by President Denis Sassou Nguesso and represented as a pivotal moment for the nation’s energy sector. According toJean-Marc Thystère Tchicaya, Congolese minister of hydrocarbons, “The refinery will produce automotive and aviation gasoline, liquified petroleum gas, diesel, lubricants, bitumen, kerosene and other products.”  The 2.5 mtpa Atlantic Petrochemical Refinery is expected to diversify…

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Republic of Congo launches bond offering, to raise US$181

CONGO – The Republic of Congo has launched a public bond offering “EOCG 6.25% NET 2021-2026” which aims to raise 100 billion CFA francs (US$181.84m), at a net interest rate of 6.25% and a maturity of five years. In accordance with the announcements of the Congolese Ministry of Finance and Budget, represented by Minister Calixte Nganongo, the securities will be listed on the Central African Market Exchange (BVMAC). The offering period is open from March 12 to March 20, 2021. The nominal unit value of the 10 million securities will…

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Congo government launches work on hybrid solar power plant

CONGO –  The government of Congo has launched construction works on a hybrid solar power plant in Impfondo, Likouala region. The 3.4MW solar power project will be undertaken by Produits de construction de Brazzaville (Procob), a subsidiary of the Belgian company ABC Contracting. Produits de construction de Brazzaville will implement this project in several phases and the solar part of the installation will cover a fenced area of 11 hectares. Procob will install 11,520 solar panels with a capacity of 6,480 kVa and the installation of the solar power plant…

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Papillion set to acquire Mayflower Capital shares in two gold companies

AFRICA – Papillon Holdings has signed a binding Heads of Agreement with Mayflower Capital Investments to acquire certain contractual production and exploration rights held by Mayflower in two gold assets located in Kenya and Congo Brazzaville. Goldplat subsidiary Gold Mineral Resources (GMR) in July conditionally agreed to sell Kilimapesa to Mayflower for an initial consideration of US$1.5 million in shares. Mayflower has paid a US$50,000 exclusivity fee under the binding term sheet and has a team on site in Kenya to progress the transaction. The terms of the agreement between…

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Congo Republic seeks debt deal with Glencore and Trafigura before IMF review

CONGO – Congo Republic aims to reach a deal with energy traders Glencore and Trafigura to restructure a US$1.7 billion debt before a meeting with the International Monetary Fund (IMF) in April 2020. Maixent Raoul Ominga, director general of state-owned SNPC, said lawyers for Congo Republic were working with representatives of Glencore and Trafigura to get all the parties talking. “The government’s objective is to have an agreement with them before the next IMF review in April,” Ominga said. According to Reuters, in January, talks between Congo Republic and the…

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African Development Bank lends Congo US$80.75m to set up agricultural value chains

CONGO – The Board of Directors of the African Development Bank have approved a loan of US$80.75 million for the Republic of Congo to set up agricultural value chains for the benefit of more than 350,000 people. The Integrated Agricultural Value Chain Development Project in Congo (PROVIDAC), which will be implemented for six years, must cover the corridors of the major marketing centers of Brazzaville and Pointe Noire as well as the production basins in the Plateaux departments; Pool, Bouenza, Cuvette and Niari. Ali Eyeghe, head of the Agriculture, Human…

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KCB Group set to expand in Congo, Ethiopia and Somalia in growth plans

KENYA – Kenya Commercial Bank (KCB), is looking to set up subsidiaries in Somalia and the DR Congo as it looks to grow its regional footprint to 10 countries chief executive Joshua Oigara. The lender is looking at additional markets for expansion while awaiting a licence to operate in Ethiopia, where it already has a representative office from 2016. It aims to be the first bank from Kenya to start operations in Ethiopia KCB is optimistic that ongoing reforms by the Abiy Ahmed-led government will pave the way for the…

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