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Senegal Minister of Petroleum and Energies to Participate at AEW 2022 with a Strong Focus on Investment

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H.E. Aissatou Sophie Gladima will drive the discussion on securing investment, improving gas monetization and pushing for a just transition in Africa

JOHANNESBURG, South Africa, April 11, 2022/APO Group/ — 

H.E. Aissatou Sophie Gladima, Minister of Petroleum and Energies, the Republic of Senegal, will be attending and participating at the continent’s premier energy event, African Energy Week (AEW) 2022 – taking place from 18 – 21 October 2022 in Cape Town. Representing one of Africa’s top emerging gas economies, H.E. Gladima will play a significant role in facilitating gas and energy transition related dialogue in Cape Town.

Backed by strong regional cooperation and sustained foreign investment that have led to the start-up of large-scale gas developments, the MSGBC region is poised to become one of the biggest gas economies on the continent. Owing to strong policies such as the 2020 Gas Code and the Energy Sector Development Policy Letter (2019-2023), the Senegalese government has managed to support the growth of its gas market, significantly improving gas monetization and investment. In this area there has already been success, both in Senegal and neighboring Mauritania, with first production scheduled for 2023 at the $4.8 billion Grand Tortue Ahmeyim gas development – a joint project between Senegal and Mauritania that is expected to produce up to 2.3 million metric tons of liquefied natural gas per annum and operated by bp and American oil firm, Kosmos Energy.

H.E. Gladima’s main focus remains on ensuring that the 40 trillion cubic feet of proven gas reserves in the west African country are fully exploited to address energy poverty. In this regard, the ministry has committed to increasing investments in E&P activities through increased cooperation with companies and institutions such as national oil company (NOC) Petrosen, bp, COS-PETROGAZ, GEZ-PETROGAZ, and the Gas Exporting Countries Forum. Additionally, the Minister is committed to increasing the capacity of the domestic gas market, with significant improvements being made regarding local content and capacity building. Across the entire energy value chain, local company participation is increasing, leading to strong and sustainable socioeconomic development in Senegal.

What’s more, the Minister has also vowed to boost the country’s capacity to supervise the exploration and monetization of gas resources by establishing the Pilot Committee to Support Negotiations of Gas Projects and Institutional Capacity Building, which received $29 million in World Bank aid for technical assistance in 2021.

Senegal is well positioned to become a major supplier both regionally and globally and an opportunity has risen for the west African country

Moreover, the ministry is also overseeing the implementation of gas-to-power initiatives, such as the development of the 130 MW Malicounda Flexicycle power plant, that are aimed at increasing the use of natural gas in energy generation for decarbonization and energy security. With a focus on enhancing domestic gas utilization, led by H.E. Gladima, the Ministry is committed to improving gas infrastructure, distribution and production, ensuring Africa benefits from its gas resources first and foremost.

Despite the significant progress within Senegal’s gas industry, massive investments are required to boost and accelerate gas exploration and production to support the economy and to address energy poverty. With Europe seeking alternative gas suppliers to meet its energy needs, and demand in the region growing exponentially, Senegal is well positioned to become a major supplier both regionally and globally and an opportunity has risen for the west African country – as well as its partners in the region – to attract European investments to fund the buildup of infrastructure and to scale up exploration and production activities.

“At AEW in 2021, H.E. Gladima played a pivotal role in shaping dialogue, networking with global investors and putting forward strategies as to how Africa, Senegal and emerging gas markets such as Mauritania can boost investments to accelerate and amplify gas exploration and development. In 2022, this trend will continue, with the minister set to make a strong play for investment across the entire MSGBC energy landscape, while leading discussions on the role of natural gas in Africa’s energy transition,” states NJ Ayuk, Executive Chairman of AEC. 

Meanwhile in the oil sector, Senegal enacted the Petroleum Code in 2019 to ensure full exploitation of the more than 1 billion barrels of proven oil reserves in the country. As a result, first oil production is also set for 2023 at the Sangoma oil field which is operated in the south of Dakar by Australian oil and gas firm, Woodside, and PETROSEN. With hydrocarbons anticipated to account for 13.7% of the country’s gross domestic profit by 2023, the government of Senegal, in partnership with the Ministry of Petroleum and Energies, is developing fiscal rules to ensure a sustainable and transparent management of revenues.

Senegal is also at the forefront of deploying renewable energy to diversify its energy mix and to improve electrification as the country targets 100% electricity access by 2025 from the current 70.4% in 2022. In this regard, H.E. Gladima aims to increase partnerships with international financial institutions such the International Finance Corporation, USAID, the World Bank and the European Investment Bank, all of which have already made significant investments in project deployments in Senegal, as the country seeks to have 25% of its electricity generated from renewables by 2025.

At AEW 2022, the Minister will discuss the role that developing strong policy frameworks and capital-attractive regimes play in enabling African hydrocarbon producing countries to maximize oil and gas for economic growth and energy security. During the week-long event, H.E. Gladima will lead panel discussions and high-level meetings that will focus on the opportunities within Senegal’s energy market for European and international investors and companies, the importance of regional cooperation in enhancing the management of hydrocarbon resources and the use of natural gas as a transactional energy resource as Africa implements the energy transition.

Distributed by APO Group on behalf of African Energy Chamber.

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Africa Finance Corporation (AFC) Leads up to €2 Billion Syndicated Facility in Largest-Ever Global Loan Syndication for Bank of Industry

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7 hours ago

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December 3, 2024

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Africa Finance Corporation

The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa

LAGOS, Nigeria, December 3, 2024/APO Group/ — 

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced its role as Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor in the successful syndication of an up to €2 billion facility for Bank of Industry (BOI), Nigeria’s largest and most impactful development finance institution. The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.

Proceeds of the facility will be used for general corporate purposes including to finance trade and trade related projects of eligible corporates in Nigeria. The facility was syndicated at two levels with AFC, Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion. Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87%. The facility is expected to further grow to €2 billion.

This landmark global loan syndication is significant for Nigeria and BOI, as the institution was able to successfully tap the international capital market at a time when credit is scarce and prohibitively expensive. It also highlights market confidence in BOI and AFC as leading financial institutions, demonstrating the power of collaboration and innovation between African financial institutions. 

This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole

“This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Banji Fehintola, Executive Board member & Head of Financial Services at AFC. “Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success,” he added.

“This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC. We are grateful for the unique role that AFC played to make this transaction a success,“ said Dr. Olasupo Olusi, the Managing Director of BOI.

As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions. The transaction aligns with the Corporation’s mission to provide pragmatic solutions that close the continent’s infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

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Board Accepts Carlos Tavares’ Resignation as Chief Executive Officer

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9 hours ago

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December 3, 2024

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Stellantis

The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025

AMSTERDAM, The Netherlands, December 3, 2024/APO Group/ —

  • Creation of Interim Executive Committee to be chaired by John Elkann
  • New CEO will be appointed in the first half of 2025
  • Full year 2024 financial guidance confirmed

Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO

Stellantis N.V. (“Stellantis” or “the Company”) (www.Stellantis.com) announces that the Company’s Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares’ resignation from his role as Chief Executive Officer with immediate effect.

The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established.

Stellantis confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results.

Stellantis’ Senior Independent Director, Henri de Castries, commented: “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.”

Chairman John Elkann said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry. I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.” 

Distributed by APO Group on behalf of Stellantis.

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Shakwa Nyambe Ranked as a Highly Regarded Lawyer for Oil and Gas in Namibia by IFLR1000 2024 Rankings

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9 hours ago

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December 3, 2024

By

Shakwa Nyambe

IFLR1000 is an internationally esteemed guide that ranks leading lawyers and firms based on their expertise and impact across practice areas

WINDHOEK, Namibia, December 3, 2024/APO Group/ — 

Shakwa Nyambe, the Managing Partner of SNC Incorporated (www.SNCLawGroup.com), has been recognised as a Highly Regarded Lawyer for Oil and Gas in Namibia by the IFRL1000 rankings of 2024. He is specifically recognised for his exceptional work in the practice area of Projects: Energy, with a focus on the Oil and Gas industry, further cementing his reputation as a world-renowned Energy, Oil and Gas, Natural Resource and Commercial Lawyer.

IFLR1000 is an internationally esteemed guide that ranks leading lawyers and firms based on their expertise and impact across practice areas. Being ranked as a Leading Lawyer for Oil and Gas by this global institution places Shakwa among the most influential individuals in Namibia’s Oil and Gas sector and highlights his invaluable contributions to the field.

Shakwa Nyambe’s recognition is a reflection of his understanding of the complexities of the Oil and Gas industry and his ability to provide innovative solutions to clients navigating the challenges of this sector. As the Managing Partner of SNC Incorporated, a full-service energy, natural resources, corporate & commercial law and dispute resolution law firm, Shakwa has built a legacy of excellence in the legal and commercial sectors. His experience encompasses, advising international corporations, state-owned enterprises, governments, and individuals in oil & gas, renewable energy, and mining projects, and provision of legal services in matters ranging from mergers and acquisitions, commercial transactions, and corporate governance to project financing as well as rendering advisory services on general commercial matters.

To be acknowledged as a Highly Regarded Lawyer by IFLR1000 in Namibia for my work in Energy and Oil & Gas is a profound honour

Shakwa is the President-Elect of the Association of International Energy Negotiators (AIEN) for the period 2024 – 2025 and will take over the Presidency for the period 2025 – 2026. His qualifications include, amongst others, a Master of Laws (LLM) in Oil and Gas Law with Professional Skills from the University of Aberdeen in the United Kingdom, a Postgraduate Diploma in Drafting and Interpretation of Contracts from the University of Johannesburg and an Executive Diploma in Global Business (Master’s Level) from the Saïd Business School, University of Oxford.

His expertise and strategic guidance have made him the go-to advisor for international oil companies, energy companies, mining companies. multinational corporations and local entities engaged in Namibia’s energy development.

This acknowledgment comes at a critical moment for Namibia, as the country is emerging as a significant player in the global energy market, driven by transformative discoveries in the Orange Basin by major international companies. Shakwa’s legal and strategic leadership has been instrumental in helping stakeholders capitalize on these opportunities while ensuring compliance with Namibia’s regulatory landscape.

Commenting on the rankings, Shakwa Nyambe stated, “To be acknowledged as a Highly Regarded Lawyer by IFLR1000 in Namibia for my work in Energy and Oil & Gas is a profound honour. It reflects not just my efforts but the dedication of the team at SNC Incorporated and the trust of our clients. This motivates me to continue raising the bar for legal and business excellence in Namibia’s oil and gas sector.”

As a globally recognized thought leader, he frequently engages in high-level dialogues on energy, corporate and resource law, sharing insights that shape policy and practice in Namibia and internationally.

As Namibia continues its rise as a frontier oil and gas producer, Shakwa Nyambe exemplifies excellence, driving the sector forward with vision, expertise and an unwavering commitment to his clients.

Distributed by APO Group on behalf of SNC Incorporated.

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