Author: Agencies

The instability that defined the oil and gas market for much of 2022 has continued into 2023. With bullish and bearish pressure on oil and gas, this can fluctuate quickly depending on what happens in European markets, OPEC+ decision-making and the situation in Iran, where a nuclear deal has stalled and tensions — internal and with neighboring countries — are elevated. In what could be a year of volatility and uncertainty ahead, here are some of the top oil and gas risks KPMG anticipates for 2023. War in Ukraine The outcomes of the war in Ukraine will have a potentially…

Tina Turner, the dynamic rock and soul singer who rose from humble beginnings and overcame a notoriously abusive marriage to become one of the most popular female artists of all time, has died, her family announced in a statement. She was 83. Turner died Wednesday at her home in Küsnacht near Zurich, Switzerland. “With her, the world loses a music legend and a role model,” her family said. “With her music and her boundless passion for life, she enchanted millions of fans around the world and inspired the stars of tomorrow. Today we say goodbye to a dear friend who leaves…

Nigeria’s new Dangote petroleum refinery is Africa’s biggest – it will produce 650,000 barrels a day, giving it the potential to address the country’s energy supply crisis. Owned by Nigerian industrialist and Africa’s richest man, Aliko Dangote, the refinery is expected to boost domestic refining capacity, getting rid of the current consumption shortfall. It will also reduce import dependency and stimulate economic growth. It is the first privately owned crude oil refinery in Nigeria. Nigeria’s existing refineries, plagued by operational inefficiencies under government control, have failed to meet the growing demand for petroleum products. Substantial imports have become necessary. Nigeria currently imports more than 80% of its…

Iran will launch about $15 billion worth of oil and gas projects in 2023, according to the country’s oil minister Jawad Owji. All of the launched projects have had a direct impact on increasing the production capacity of the country, he added. In the last Iranian year (March 2022-23), $12 billion worth of oil, gas and petrochemical projects were launched. Currently, Iran’s daily crude oil production is 3 million barrels and natural gas output is 1 billion cubic meters, while the annual production capacity of petrochemical products is about 95 million tons, the Oil Ministry’s news service Shana reported. Meanwhile, Russia…

The World Health Organization (WHO) has released a new guideline on non-sugar sweeteners (NSS), which recommends against the use of NSS to control body weight or reduce the risk of noncommunicable diseases (NCDs). The recommendation is based on the findings of a systematic review of the available evidence which suggests that use of NSS does not confer any long-term benefit in reducing body fat in adults or children. Results of the review also suggest that there may be potential undesirable effects from long-term use of NSS, such as an increased risk of type 2 diabetes, cardiovascular diseases, and mortality in…

There are close to 4 million people living in refugee camps across Africa. Of the more than 300 camps, nearly 70% are situated within 30km-50km of an international border. They include some of the largest camps in the continent, such as Kakuma in northern Kenya, Nyarugusu in western Tanzania and Bidibidi in north-western Uganda. The closer the camp is to an international border, the easier it is for people on both sides of the border to interact. What this means is that healthy refugees in Kakuma, for example, can walk across the Kenyan border and get to Uganda or South Sudan within…

Rapid urbanisation in Africa is worsening air pollution levels. There are economic as well as health consequences. Air pollution threatens human health, health systems and economic activity. It is the second leading risk factor for death across Africa, contributing to an estimated 1.1 million deaths on the continent in 2019. The continent has an urban population of over 500 million. This is projected to be over 700 million by 2026. In the face of such enormous numbers and a seemingly insurmountable problem, it can feel difficult for ordinary people to protect themselves or make a difference. But, as we found in our research, many strategies…

Nigerian President Muhammadu Buhari will commission the Dangote oil refinery in two weeks, setting up the plant for its first production since construction started in 2016, Reuters reported, citing a presidency spokesperson. The federal government confirmed the planned inauguration of the 650,000-barrels-per-day refinery, before the president leaves office on May 22. A source close to the plant said the company was putting the finishing touches for the inauguration, adding operations will be built up in phases. Nigeria, Africa’s biggest oil producer, sees the refinery—being built by billionaire industrialist Aliko Dangote’s Dangote Group—as a solution to ending the country’s reliance on imports for…

Sudanese are pinning their hopes on talks in Jeddah between envoys of warring factions to end bloodshed that has killed hundreds and triggered a mass exodus, but there is no sign lasting relief will come anytime soon. There has been no word on the progress of the talks which began on Saturday between the army and the rival paramilitary Rapid Support Forces (RSF) in the Saudi Red Sea port city. The combatants have said they would only try to tackle humanitarian issues like safe passage, not an end to the war. Numerous ceasefire have been violated since conflict erupted on April 15. “If the Jeddah negotiations…