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AOS Orwell completes Shell ANOH ICSS project

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AOS-Orwell

AN indigenous oilfield and energy servicing company, AOS Orwell, has completed an Integrated Factory Acceptance Test (IFAT) for Shell ANOH Integrated Control and Safety System (ICSS) project.

This feat, which started at AOS Orwell’s ICSS facility in Port Harcourt, the Rivers State capital, was concluded at the Onne Free Zone Port, with the IFAT.

The final delivery of the project will take place at the project site located at the Assa North-Ohaji South (ANOH) in the Ohaji- Egbema Local Government Area of Imo State.

The project, which sits on 200 hectares extending in 719.84km square meter, is located approximately 25km from Owerri and 75km from Port Harcourt. Stakeholders in the sector have, however, described the project as one of the largest “Greenfield gas condensate” development project to have been undertaken in the country.

For instance, the Project Lead at AOS Orwell, Abumenre Odigie, an engineer, explained that the entire project was executed by his firm in collaboration with Emerson. “AOS Orwell has been a very instrumental partner to Shell for the delivery of the scope for the ICSS and our management is so delighted to have been part of this project; in fact, it speaks to capacity development and contribution to the local content initiative of the Nigerian Content Development and Management Board (NCDMB),” Odigie said.

He noted that the firm is proud to be part of the prestigious project, adding that, in conjunction with its technical partner, Emerson, it has been responsible for the delivery of the Integrated Control & Safety System (ICSS) project scope. Odigie further revealed that AOS Orwell is continuously propelled by the unflinching backing from NCDMB in its resolve to deliver on true local content on all projects as demonstrated on the ANOH project.

“The project has further demonstrated AOS Orwell’s management commitment to continue to support the local content initiative of the Federal Government/NCDMB,” he added.

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$15.6bn Investment Interest Generated for Lagos-Abidjan Highway in 2022, Says AfDB President Adesina

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The President of the African Development Bank Group, (AfDB), Dr. Akinwunmi Adesina, has said from the virtual Africa Investment Forum held in March this year, the bank secured $15.6 billion in investment interest for the construction of the Lagos-Abidjan Highway.

Adesina, who stated this on Wednesday at the ongoing Africa Investment Forum 2022, in Abidjan, Cote D’ Ivorie, stated that the highway, which carries 75 per cent of trade in the West Africa region, would help unleash greater growth, trade, and investment across the region.

He also stated that the forum was delivering amazing investments for Africa, adding that in four years since its commencement in 2018, it has helped to mobilise $110 billion in investment interests to Africa.

He further explained that the $600 million securitised finance to support the cocoa board of Ghana helped the West African country to grow its cocoa production by one million metric tons, with infrastructure for warehousing and cocoa processing.

He remarked that Foreign Direct Investments (FDI) in Africa declined from $47 billion in 2019, to $40 billion in 2020, because of the COVID-19, noting that Africa however recovered in 2021, as FDI rose to $83 billion, doubling the inflow in 2020.

According to him, “By 2050, Africa will account for over one quarter of the world’s population. Africa has the largest sources of renewable energy in the world. Africa has 65 per cent of the uncultivated arable land left to feed the world.

“The future of electric cars in the world depends on Africa because it has the largest sources of cobalt in the world, with massive sources of lithium in Zimbabwe, Namibia, Ghana, Mali, and Democratic Republic of Congo.

“The African Continental Free Trade Area is the largest free-trade zone in the world connecting economies worth $3.3 trillion. So, Africa cannot be ignored.

“If you are not investing in Africa, think again! Africa is the investment frontier in the world – today and in the future. Invest in Africa today, benefit from its great future.

“The Africa Investment Forum is Africa’s premier investment marketplace which helps to connect investors to Africa. Four years ago, we began a journey together which the African Development Bank, the Africa Import-Export Bank, the Trade and Development Bank, the Africa Finance Corporation, the Development Bank of South Africa, the European Investment Bank, the Islamic Development Bank and Africa 50, when we established the Africa Investment Forum.

“The landmark $24 billion Liquified Natural Gas Project of Mozambique which was structured and closed at the Africa Investment Forum, is the largest ever foreign direct investment in Africa. It will turn Mozambique into the third-largest exporter of natural gas in the world and add $66 billion to its economy.”

Speaking further, he said: “In the next 72 hours, we will have curated several investment ready projects for you as investors. These range from renewable energy hydropower, gas infrastructure, railways, roads, and water transport.

‘They include agriculture, health, mining, fertilizer manufacturing, port infrastructure, and urban green transport. They include sports, urban housing, and private equity feeder funds.”

In his remarks, the Group Chief Executive Officer, Nigerian Exchange Group, Oscar Onyema, stated that the capital market has done very well considering activities on the equity side of business, which he described as being very active, “in fact, we have had record equity trading. As you know, we have had the MTN Initial Public Offering (IPO).”

He further explained that the market has had capital raising from a number of other companies in terms of rights issues, special placements and others.

Onyema also stated that on the fixed income side, the market has seen a lot of activities in terms of issuances such as from the federal government, corporates and States.

He hinted that the capital market is a very viable and credible alternative for capital raising.

According to Onyema, “There are some challenges around requirements to be expected given that you are now in the public market, and there is a lot of retail, not just institutional, but you also have retail participation.

“The Nigeria fintech space is very active and received a lot of investments, most of them are in the private sector. Yes. And so certainly we are very keen to crowd in those types of investments into the public markets as well.

“At the exchange, I am aware that NGX is working on the technology board, which is designed to really be attracted to FinTech companies, and other high tech companies that already exist in an ecosystem.

“The Nigeria Startup bill is also good one because it gives you that legal framework under which these types of activities can be supported with the necessary institutional frameworks.”

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OPEC: Dangote’s 650,000bpd Facility to Account for More Than Half of Africa’s Additional Refining

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The Organisation of Petroleum Exporting Countries (OPEC) has said the much-awaited Dangote Refinery’s refining capacity would account for more than half of Africa’s expected total additional distillations in the medium term.

The international oil cartel which stated this in its latest World Oil Outlook (WOO), disclosed that the addition was estimated at 1.2 million barrels per day in the medium term, stressing that the refinery which has a capacity of 650, 000 barrels per day, would take the lion’s share.

Apart from the asset owned by Africa’s richest man, also expected to begin production in the near future are that 100 tb/d refinery to be built in Soyo, Angola, the 110 tb/d Hassi Messaoud refinery expansion in Algeria, the 160 tb/d Midor refinery expansion in Egypt, the 10 tb/d Brahms modular refinery in Guinea and the 110 tb/d Pointe Noire II refinery in the Republic of Congo.

In addition, Ghana and Senegal are also expected to commission new units, most of which are modular, to address fast-growing demand in Africa.

“In Africa, medium-term distillation additions are estimated at around 1.2 mb/d. More than a half of this number is accounted for by Nigeria’s Dangote refinery (650 tb/d).

“According to recent reports, its commissioning is likely to be delayed from 2022 to 2023, partly due to financial issues. Furthermore, Nigeria is likely to see the addition of a number of small modular refineries with capacities of up to 20 tb/d over the medium-term, thus adding much needed capacity in the country,” OPEC stressed.

“Elsewhere, a new 100 tb/d refinery is likely to be built in Soyo, Angola in 2025. In North Africa, a modest expansion is expected in Algeria (Hassi Messaoud) and Egypt (Midor and Assiut).

“Finally, several sub-Saharan countries, including Ghana, Guinea, Senegal and the Republic of the Congo are expected to commission new units, most of which are modular. With these expansions, the region will look to address fast growing demand, but it could also potentially reduce product imports from other regions,” OPEC noted.

In addition to the Dangote refinery, rehabilitation is going on in Warri and Port Harcourt and work on the Kaduna refinery will start soon, with the report stating that if the refurbishments succeed, Africa could expect even higher outputs and utilisation rates in the long term.

“These additions could lead to refinery throughputs increase from 1.8 mb/d in 2021 to 4.8 mb/d in 2045, based on strong demand growth and refining capacity additions in both the medium- and long-term,” it added.

OPEC acknowledged that the downstream market has tightened significantly over the last year, driven by strong oil demand growth, a decline in available refining capacity and geopolitical uncertainties.

During the medium-term (2022-2027) it noted that around 7.3 mb/d of the Middle East (1.6 mb/d) and Africa (1.2 mb/d).

“Refining capacity additions in other regions are minor and mostly limited to the expansion of existing refineries,” it added.

In the long-term, (2022-2045) OPEC stated that global refining additions are projected at 15.5 mb/d, with a significant slowdown in the rate of additions towards the end of the projection period.

“Almost 90 per cent of additions are located in the Asia-Pacific, the Middle East and Africa,” it said.

The medium-term balance, it stressed, points to a tightening downstream market relative to 2021, with the estimated deficit of potential refining capacity relative to required refining capacity set to peak around 2.7 mb/d in 2023 and 2024.

“Due to the demand growth slowdown and continuous capacity additions, the deficit is set to decline to around 1.4 mb/d in 2027,” the report said.

The Dangote integrated refinery and petrochemical complex in the Lekki Free Zone, near Lagos, Nigeria, is expected to be the world’s biggest single-train facility, upon commissioning.

Estimated to cost about $20 billion, the refinery will produce Euro-V quality petrol and diesel, as well as jet fuel and polypropylene and will likely generate 4,000 direct and 145,000 indirect jobs.

The new refinery will double Nigeria’s refining capacity and help in meeting the increasing demand for fuels, while providing cost and foreign exchange savings. It is estimated to have an annual refining capacity of 10.4 million tonnes of petrol.

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Cameroon, Nigeria request to join Ivory-Ghana cocoa initiative
If Cameroon and Nigeria join, the initiative will represent about two-thirds of global cocoa production.

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Cameroon and Nigeria requested to join the Cote d’Ivoire-Ghana Cocoa Initiative (CIGCI), a joint body spearheading the interests of the two countries in the cocoa trade, the head of the initiative Alex Assanvo said on Wednesday.

The initiative was set up after a 2018 declaration by Ivory Coast and Ghana, the world’s first and second-largest cocoa producers, on willingness to define a common sustainable cocoa strategy that would raise prices paid to farmers.

It was created with the view of including other African countries.

Representatives from Cameroon and Nigeria were invited to a CIGCI meeting in Abidjan to begin the process of joining the initiative, Assanvo told reporters after the meeting.

“With Cameroon and Nigeria we are going to represent around two-thirds of global cocoa production,” Yves Brahima Kone, chief executive of the Ivory Coast Cocoa and Coffee Council, said at the meeting.

“This will allow us to have more leeway in discussions with the industry on imposing a decent price for our cocoa farmers.”

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