Every weekend, the Ecofin editorial team reminds you of the main news of the week in the African hydrocarbons sector, as well as their implications.

President Buhari Inaugurates Nigeria's Largest Modular Refinery

President Muhammadu Buhari inaugurated, on November 24, the first production phase of a modular oil refinery owned by Waltersmith, in Ibigwe, Imo State. This approach shows the will of the Nigerian authorities to support initiatives that will propel the local oil refining industry in the long term.

25/11/2020 - President Buhari inaugurates largest modular refinery in Nigeria

The prospect of the upcoming deployment of vaccines against Covid-19 brings the price of a barrel closer to $50

On Wednesday, Brent hit the $50 a barrel mark. This would be explained by the progress regarding the upcoming implementation of an effective vaccine against Covid-19 and the maintenance of the supply reduction quotas observed by OPEC and its allies. This increase brings a breath of fresh air to the oil sector, which has suffered the horrors of the health crisis since the beginning of this year.

27/11/2020 - The prospect of the upcoming deployment of vaccines against Covid-19 brings the price of a barrel closer to $50

African oil is losing significant market share in India, to the benefit of that of the Middle East

Global financial market data provider Refinitiv says India has reduced its imports of African oil in the past three months. This is due to the rigidity of prices imposed by African exporters. For the moment, no quantified source has yet been made available on Indian imports of crude oil for the above-mentioned period.

26/11/2020 - African oil is losing significant market share in India, to the benefit of that of the Middle East

The final investment decision for the East African pipeline EACOP will be taken in the first quarter of 2021

The final investment decision for the world's longest electrically heated pipeline, which will carry crude oil from Uganda to the Tanzanian port of Tanga, is expected to be made in the first quarter of next year.

23/11/2020 - Uganda: the final investment decision for the East African pipeline EACOP will be taken in the first quarter of 2021

China on track to overtake the United States to become the world's largest oil refiner

According to data provided by the International Energy Agency (IEA), China will overtake the United States and become the world's largest producer of petroleum products in 2021. This is explained by the decline of the refining industry. in America and in Europe as well as the change of priority of these two continents which focus more and more on biofuels and renewable energies.

23/11/2020 - China on track to overtake the United States to become the world's largest oil refiner

Energy company Enel gives itself 10 years to invest $190 billion in cleaner projects

Italian energy producer Enel will invest $190 billion by 2030 in technologies to clean up its operations. With this colossal investment, the company hopes to reduce its carbon emissions by 80% over the next ten years and triple its current production capacity in renewable energies, to 120GW.

24/11/2020 - The energy company Enel is giving itself 10 years to invest 190 billion dollars in cleaner projects

See you next week

Olivier de Souza and Lorianne Biaou