Nigeria to Pursue peace in restive Oil-producing Delta Region
Nigeria's government will seek a lasting peace settlement with militants in the oil-producing southern Niger Delta region in 2017, President Muhammadu Buhari said in a New Year's message on Saturday. Attacks on oil facilities in Nigeria's energy hub, coupled with low oil prices, helped push Africa's biggest economy into recession - the first in 25 years - in the second quarter. Crude oil sales account for two-thirds of government revenue in the OPEC member country. Attacks by militants, who want a greater share of the country's energy wealth to go the impoverished oil-producing swampland, have been less frequent since November when Buhari held talks with community leaders from the region.
Hit by Oil Price Drop, Algeria Turns to China for Funds
Algeria is turning to China to finance several infrastructure projects, including a new $3.2 billion port, as the North African OPEC member looks for ways to weather the collapse in global oil prices. Algeria, where oil and gas production account for 60 percent of the state budget, saw energy earnings collapse 40 percent last year, forcing the government to slash spending, raise some subsidised fuel prices and freeze major projects. With little foreign debt and more than $130 billion in reserves, Algeria's government says its economy can manage the fall in crude prices. Nevertheless, it appears Algiers is willing to move out of its comfort zone to help it cope. The Chinese funding represents the first time it has sought external funding in a decade.
President of Nigeria Dismisses Heads of State Oil
Nigerian President Goodluck Jonathan has replaced the top four executives of Nigeria National Petroleum Corporation, according to his office said Saturday, speaking on one of the most powerful institutions in the country and source of 80 percent of state revenues. Joseph Thlama Dawha replaces Andrew Yakubu as CEO of NNPC Group. Reuben Abati, spokesman cabinet Goodluck Jonathan, declined to give further details. A senior source in the presidency, who requested anonymity, said it…
Libyan Rebels Reject Talks With PM, Keep Oil Ports Shut
Rebels occupying major oil ports in eastern Libya said on Wednesday they would boycott Prime Minister Ahmed Maiteeq and keep two major export terminals shut for now, a blow to efforts to restore vital oil exports. The rebels even warned they would take action if Tripoli did not fulfil its part of a recent agreement to reopen the oil ports, a veiled threat to close the terminals again. "Nothing has been implemented," said Abd-Rabbo al-Barassi, self-declared prime minister of the rebel movement. He accused the Muslim Brotherhood and other Islamists in parliament of undermining the agreement and trying to take over the ports. The struggle over energy wealth is part of growing turmoil in the North African country three years after the overthrow of dictator Muammar Gaddafi.
