<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="413" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7TDBYVGF5ROF7KBJVB2XWAWXVQ.avif" alt="" class="wp-image-590625"/><figcaption class="wp-element-caption">The logo of Galp is displayed at a petrol station in Ronda, Spain February 14, 2025. REUTERS/Jon Nazca/File Photo</figcaption></figure>



LISBON, Feb 25 (Reuters) &#8211; Portuguese oil company Galp GALP.LS said on Tuesday it had found significant presence of light oil and gas condensate in a fifth well in Namibia&#8217;s Mopane field, opening up new exploration opportunities that are sending its shares sharply higher.



Galp&#8217;s Mopane offshore discovery was initially estimated to hold at least 10 billion barrels of oil and gas equivalent.



The company drilled four wells there in 2024 to explore and appraise a first hub in the northwest area of the Mopane complex, and a fifth well last month, this time in the field&#8217;s southeast area.



It said in a statement that the new well, Mopane-3X, 18 km (11.18 miles) away from the first, targeted two stacked prospects &#8211; AVO-10 and AVO-13 &#8211; and a deeper sand at 1,200 metre water depth.



&#8220;Preliminary data confirms light oil and significant gas condensate columns between AVO-10, and light oil columns in AVO-13 and the deeper sand, in high-quality sandstones,&#8221; it said, also pointing to high pressure and permeability as well as low oil viscosity.



Galp shares were up 7% in morning trading and leading gains on the pan-European Stoxx 600 index&nbsp;.STOXX.



Jefferies said in a research note that the well should de-risk the 10 billion boe resource estimate for the Mopane Complex and support the case for a multi-Floating Production Storage and Offloading development.



Galp is looking to sell half of its 80% stake in Mopane&#8217;s Petroleum Exploration Licence 83 to a player who would become its operator, although it has said it is in no rush.



(Reporting by Sergio Goncalves and Joao Vicente Mauricio; editing by David Evans)

7TDBYVGF5ROF7KBJVB2XWAWXVQ

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="377" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/M34ZXN6UKBNUHJLS5HD7NFP7O4.avif" alt="" class="wp-image-590622"/><figcaption class="wp-element-caption">The logo of commodities trader Glencore is pictured in front of the company&#8217;s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Trading houses Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed.



The case heard in London&#8217;s High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022.



Taleveras sued Nigerian venture, known as NLNG and involving ShellSHEL.L TotalEnergies TTEF.PA and Eni ENI.MI as partners, four years ago. These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company which has 49%. Last week, Taleveras had NLNG&#8217;s appeal rejected, according to an official video of court proceedings.



A full written judgment is due to be released in the coming weeks.



NLNG runs Nigeria’s biggest LNG plant, which covers around 5% of global supply.



NLNG said it was reviewing the ruling and declined further comment. Shell&nbsp;and Eni declined&nbsp;to comment, while TotalEnergies did not respond to a request for comment.



Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021.



Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents.



The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation.



The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said.



Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment.



European benchmark gas prices&nbsp;TRNLTTFMc1&nbsp;swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe.



When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions.



In one such case, Shell SHEL.L and BP BP.L pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveries.



In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays.



Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria’s independent energy traders. The company is now based in Dubai.



(Reporting by Anna Hirtenstein; Additional reporting by Marwa Rashad and Isaac Anyaogu; Editing by Tomasz Janowski)

M34ZXN6UKBNUHJLS5HD7NFP7O4

Vitol, Glencore win $380 million award in Nigerian LNG litigation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/6XIG4R3DRFK2ZPWEVWERAVU4PA.avif" alt="" class="wp-image-590617"/><figcaption class="wp-element-caption">The new logo of the Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s state oil firm NNPC on Tuesday announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine to overhaul maritime transportation in West Africa.



The newly formed company will streamline crude oil, refined products and LNG shipping across West Africa and cater to other oil producers and traders in the region with modern vessels.



The companies did not share financial details of the deal, which was signed last week.



&#8220;By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria&#8217;s position in global energy logistics,&#8221; Panos Gliatis, Managing Director of NNPC Shipping, said in a statement.



Erik Hånell, President &amp; CEO of Stena Bulk, said the partnership aligns with the group&#8217;s strategy to expand its presence in key growth markets.



Nigeria boasts Africa&#8217;s largest oil refinery and meets 5% of global LNG demand.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

6XIG4R3DRFK2ZPWEVWERAVU4PA

Nigeria’s NNPC, Stena Bulk and Caverton launch new shipping venture

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/KWNFLKVDZBNCHKDHIAWQFVHUEU.avif" alt="" class="wp-image-590584"/><figcaption class="wp-element-caption">The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo</figcaption></figure>



LONDON/SINGAPORE, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation, Shell said in an annual report on Tuesday.



Demand for natural gas continues to rise globally as the world transitions to cleaner fuels. Industry forecasts LNG demand to reach between 630 million and 718 million metric tons a year by 2040, Shell said in its 2025 annual LNG outlook.



The latest view from the world&#8217;s largest LNG trader is higher than last year&#8217;s forecast, which pegged global LNG demand in 2040 at 625 million to 685 million tons per year.



&#8220;Upgraded forecasts show that the world will need more gas for power generation, heating and cooling, industry and transport to meet development and decarbonisation goals,&#8221; said Tom Summers, Shell&#8217;s senior vice president for LNG marketing and trading.



China, the world&#8217;s top LNG importer, and India are increasing LNG import capacity and gas related infrastructure to meet rising demand, Shell added.



Natural gas imports into China are forecast to rise this year as economic stimulus plans lift industrial demand, although trade tensions with the U.S. may cap growth.



China saw total natural gas imports, including pipeline supply, of 131.69 million tons last year, the highest since at least 2013. Of that volume, 76.65 million tons was LNG, according to its customs data.



In India, the International Energy Agency expects natural gas consumption to jump 60% between 2023 and 2030, doubling the country&#8217;s need for LNG imports, as domestic output is expected to grow much more slowly than demand.



While a young population and economic growth are driving an increase in gas demand in emerging markets Algeria, Egypt, Malaysia and Indonesia, domestic production in those markets is seen declining over the next 15 years by up to 50 million tons, equating to less available gas for export, the report said.



SUPPLY SIDE



To meet rising demand, particularly in Asia, more than 170 million tonnes of new LNG supply is set to be available by 2030, said Shell. The start-up timings of new LNG projects, however, are uncertain, Shell said.



Several LNG projects have seen delays over the past two years due to geopolitical tensions, regulatory hurdles, labour shortages and supply chain bottlenecks, delaying the availability of around 30 million tons of new LNG supply, the size of India&#8217;s LNG imports, to 2028.



In 2024, global LNG trading rose by only 2 million tons to 407 million tons due to constraints on development of new supply, marking the smallest annual increase in the past decade, the report said.



The report showed that anticipated supply during the period was between 7 million and 20 million tons but it undershot even the lowest end of the forecast range.



The report expects Europe&#8217;s LNG demand to grow in 2025 and beyond.



&#8220;Europe will continue to need LNG into the 2030s to balance the growing share of intermittent renewables in its power sector. In the longer term, existing natural gas infrastructure could be used to import bio-LNG or synthetic LNG and be repurposed for the import of green hydrogen,&#8221; the report said.



Significant growth in LNG supply will come from top exporter the United States, potentially reaching 180 million tons a year by 2030 and accounting for a third of global supply.



Analysts expect that together with Qatar’s massive North Field expansion project set to come online in 2026, the United States and Qatar could provide around 60% of global LNG supply by 2035.



(Reporting by Marwa Rashad in London and Emily Chow in Singapore; Editing by Sonali Paul and David Evans)

KWNFLKVDZBNCHKDHIAWQFVHUEU

Shell expects 60% rise in global LNG demand by 2040

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZGP5BDQKUZLKTKT6I23C653ZKA.avif" alt="" class="wp-image-590550"/><figcaption class="wp-element-caption">A farmer holds cocoa beans while he is drying them at a village in Sinfra, Ivory Coast April 29, 2023. REUTERS/Luc Gnago/File Photo</figcaption></figure>



PARIS, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Cocoa production in Ivory Coast in the 2024/25 season is on course to remain around last season&#8217;s disappointing level after adverse weather and crop conditions continued, the country&#8217;s agriculture minister said.



A sharp fall in output in Ivory Coast, the world&#8217;s biggest supplier of the chocolate ingredient, and number two producer Ghana in 2023/24 triggered a surge in international prices to record highs last year.



&#8220;It&#8217;s the same trend,&#8221; Kobenan Kouassi Adjoumani told Reuters on Monday regarding prospects for 2024/25 production, adding it was too early to give a firm forecast.



The minister&#8217;s assessment was in line with a Reuters analyst poll this month that gave an average expectation of 1.80 million metric tons for 2024/25 versus 1.76 million in 2023/24.



Echoing comments by farmers, Adjoumani said recent rain had improved prospects for the April-to-September mid-crop, which follows the country&#8217;s October-to-March main crop.



Faced with adverse climate effects and disease in ageing cocoa trees, Ivory Coast was engaged in replanting and agroforestry measures that should boost production potential within two years, he added in an interview at the annual Paris farm show.



Rocketing international prices have also fuelled smuggling of cocoa beans from Ivory Coast, whose fixed price for growers is much lower despite an increase last year.



There has been talk that around 100,000 to 200,000 tons of cocoa has been illegally exported to neighbouring countries such as Guinea this season, but a crackdown by the government has curbed the traffic, Adjoumani said.



In other agricultural markets, Ivory Coast could become self-sufficient in rice from next year after investment in seeds and farm machinery helped accelerate growth in production to 1.5 million tons last year, narrowing the gap with consumption of 2.1 million tons, he said.



(Reporting by Gus Trompiz; editing by David Evans)

ZGP5BDQKUZLKTKT6I23C653ZKA

Ivory Coast’s cocoa crop to hold near last season’s, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ.jpg" alt="" class="wp-image-590532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ-160x90.jpg 160w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A French farmer harvests his field of maize in Thun-L&#8217;Eveque, France, September 29, 2022. REUTERS/Pascal Rossignol/File Photo </figcaption></figure>



PARIS, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Grain crops in the European Union were still mainly in good condition by mid-February, but excess moisture in France and dryness in Eastern Europe remained risks for this year&#8217;s harvest, the EU&#8217;s crop monitoring service said on Monday.



In France, heavy rainfall in the northwest in January exacerbated already-high soil moisture levels, creating unfavourable conditions for crop development, MARS said in a report.



The wet start to the year has fuelled concerns in France, the EU&#8217;s biggest grain producer, of a repeat of the soggy 2024 harvest that featured the smallest wheat crop since the 1980s.



The condition of French wheat declined sharply between early December and early February before steadying, according to data from the farm office FranceAgriMer.



In Eastern Europe, crops in western Romania and Bulgaria have suffered in particular from limited moisture since the start of the season, and those areas could see resowing in spring, MARS said.



Severe frosts expected during the second half of February were also a threat to crops in Eastern Europe already weakened by a lack of rain, particularly if they were without protective snow cover, it said.



Crop damage in the EU, however, was estimated to be relatively limited so far compared with eastern Ukraine, Morocco and Algeria that have endured more acute dryness, it added.



(Reporting by Gus Trompiz; Editing by Tasim Zahid)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Y256STMOGJPFPMSOXGSZ3LRYQQ

Most EU grain crops in good shape but moisture risks linger

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2PLENK7UEVP6LHO27XU5VACMUU.avif" alt="" class="wp-image-590509"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was stable early on Tuesday as U.S. President Donald Trump&#8217;s tariff plans, uncertainty over fiscal policy and stance in the geopolitical arena weighed on U.S. markets.



The rand traded flat at 18.3750 against the dollar&nbsp;ZAR=D3, as of 0649 GMT. The dollar&nbsp;=USD&nbsp;last traded weaker against a basket of currencies.



&#8220;Tariff threats and the risk of counter-tariffs, uncertainty over fiscal policy given the mass retrenchments, and the U.S.&#8217; stance in the geopolitical arena&#8230; appear to be weighing on U.S. markets,&#8221; said ETM Analytics in a research note.



&#8220;Without any market-moving data to trade on, these international developments will guide much of the domestic market&#8217;s direction.&#8221;



South Africa&#8217;s composite leading business cycle indicator ZALEAD=ECI fell 1.8% month on month in December, central bank data showed on Tuesday.



Domestic-focussed investors await January&#8217;s consumer inflation figures&nbsp;ZACPIY=ECI&nbsp;on Wednesday and producer inflation data&nbsp;ZAPPIY=ECI&nbsp;for the same month on Thursday for clues on the health of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was slightly stronger in early deals, with the yield down 1 basis point to 9.105%.



(Reporting by Tannur Anders and Sfundo Parakozov; Editing by Rashmi Aich)

2PLENK7UEVP6LHO27XU5VACMUU

South African rand stable as markets watch Trump policy developments

JOHANNESBURG, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Google&nbsp;GOOGL.O&nbsp;could be required to pay up to 500 million rand ($27.29 million) a year in compensation to South African media outlets after the country&#8217;s competition watchdog found the tech giant guilty of anti-competitive practices, while Meta&nbsp;META.O&nbsp;and X also face fines.



In provisional findings from a probe into market activities, released on Monday, South Africa&#8217;s Competition Commission said that&nbsp;Google&#8217;s algorithm distorts competition between news media organisations insofar as it overrepresents global news media in South Africa for search and top stories and underrepresents local language and community media.



&#8220;This inequity has materially contributed to the erosion of the media in South Africa over the past 14 years and will continue to do so unless remedied,&#8221; the watchdog&#8217;s report said.



To remedy this, it recommended that&nbsp;Google&nbsp;compensate the South African news media by 300 million to 500 million rand annually for a three to five-year period, &#8220;whilst putting in place changes to search that will sustainably create shared value with the media through increases in referral traffic.&#8221;



The watchdog will publish a final report later this year, with all parties concerned given until April&nbsp;7&nbsp;to submit evidence to support their case.



Google&nbsp;said that it will review the report in detail but disagreed with the claim that it has taken disproportionate value from publishers.



&#8220;In 2023, our products like&nbsp;Google&nbsp;Search and News generated an estimated 350 million rand in referral traffic value for South African publishers while we earned less than 19 million rand from ads displayed next to news queries,&#8221;&nbsp;Google&nbsp;said in a statement.



&#8220;Alongside this, we have invested in products, training and partnerships to support publishers and the broader news ecosystem, and will continue to do so.&#8221;



On social media companies, the Competition Commission recommended Meta-owned Facebook and X stop &#8220;deprioritising South Africa news media posts with links&#8221; in the home feed, For You and Lastestfeed algorithm and restore referral traffic to the media.



It wants Meta and&nbsp;Google&#8217;s YouTube to improve the ability of news media to monetize their content on these platforms through increases in revenue share.



If all these companies fail to implement these remedies within six months after the final report, a 5-10% digital advertising tariff or levy will be imposed, according to the report.



Meta was not immediately available for comment.



The remedies only apply to the South African operations of these companies, the Commission said.



($1 = 18.3215 rand)



(Reporting by Nqobile Dludla; Editing by Susan Fenton)

65GOX4BM3RI3VORRYQ5THS3W6M

Google, Meta face penalties for anti-competitive behaviour towards South African news media

How Google

How Google, Microsoft And Amazon Are Racing To Solve The AI Energy Crisis

The moment former Spice Girl Mel B realized she had to use her voice

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="960" height="640" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/A6RAHQABDRIGTJNVXZ2UH7TGEQ.avif" alt="" class="wp-image-590243"/><figcaption class="wp-element-caption">The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, January 30, 2020.REUTERS/Luc Gnago/File Photo</figcaption></figure>



The African Development Bank Group and Standard Bank Group have set up a R7.3 billion facility to drive the growth of small, medium and micro enterprises across the continent.



An agreement signed by the two institutions in Johannesburg includes investment in a R3.6 billion social bond targeted at SMMEs with turnover below R300 million and a $200 million Risk Participation Agreement under Standard Bank’s South African unit. Loan sizes will be capped at less than R40 million.



&#8220;This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience,’’ Kenny Fihla, Standard Bank Group Deputy Chief Executive Officer said. “With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial.”



South Africa’s economic growth has averaged around 1% in the past decade with access to finance for the small scale sector cited among the main reasons for the lacklustre growth. The government wants to boost growth to three percent by next year as it implements a slew of reforms including improving the ease of doing business in the country.



The African Development Bank said the agreement will help increase lending by sharing risk while bridging the trade finance gap and promoting intra-African trade, which remains among the lowest in the world below 20%.



‘’This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa,’’ Leila Mokaddem, Director General for Southern Africa at the African Development Bank said in a statement. “Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration.’’



She said the agreement aligns with the African Development Bank’s Ten-Year Strategy which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework.

A6RAHQABDRIGTJNVXZ2UH7TGEQ

Standard Bank, AfDB team up to Drive SMME growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YRJ4HC4PYZMV5B3TRRZSVHPF7A-1.jpg" alt="" class="wp-image-590240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YRJ4HC4PYZMV5B3TRRZSVHPF7A-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YRJ4HC4PYZMV5B3TRRZSVHPF7A-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YRJ4HC4PYZMV5B3TRRZSVHPF7A-1-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Roasted coffee beans are seen on display in Bogota, Colombia June 5, 2019. REUTERS/Luisa Gonzalez</figcaption></figure>



KAMPALA, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;The value of Uganda&#8217;s coffee exports surged 83.4% in January, compared to the same month a year ago, boosted by high global prices of the commodity, the agriculture ministry said.



Uganda is Africa&#8217;s largest exporter of coffee, followed by Ethiopia.



The east African country shipped 550,341 60-kilogram bags of coffee worth $156.5 million, 83.4% higher than the value of volumes shipped in the same month last year, the ministry of agriculture, animal industry and fisheries (MAAIF) said in a report seen by Reuters on Monday.



In terms of quantity, January&#8217;s shipments were 14.4% higher than the volumes exported a year ago.



Global coffee prices have been driven higher by dry weather conditions in Brazil and Vietnam, MAAIF said.



(Reporting by Elias Biryabarema; Editing by Hereward Holland and David Evans)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_YRJ4HC4PYZMV5B3TRRZSVHPF7A

Value of Uganda’s coffee exports surge 83% in January on the year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZVW7NKNERBPHZKW4NK6ZSJEQLM.avif" alt="" class="wp-image-590235"/><figcaption class="wp-element-caption">A general view of the cityscape of Addis Ababa, Ethiopia, April 24, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s&nbsp;central bank said on Monday it was conducting a foreign exchange auction for $60 million, with the sale open to all banks.



In July 2024, Ethiopia&#8217;s central bank removed restrictions on the foreign currency market, a crucial step towards securing funding from the International Monetary Fund and making progress on a long-delayed debt overhaul.



The National Bank of Ethiopia said the auction was being held to offset what could become excessive money supply growth.



In December 2023, Ethiopia which is struggling with high inflation and chronic foreign currency shortages, became the third economy on the African continent in as many years to default on its debt.



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Andrew Cawthorne and Susan Fenton)

ZVW7NKNERBPHZKW4NK6ZSJEQLM

Ethiopia central bank holds $60 million foreign exchange auction

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="593" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Neema-Lugangira-1-1.jpg" alt="" class="wp-image-590216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Neema-Lugangira-1-1.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Neema-Lugangira-1-1-300x232.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Neema-Lugangira-1-1-117x90.jpg 117w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Neema Lugangira, MP, Tanzania, and Ex-officio Lead Group member of the Scaling Up Nutrition (SUN) Movement </figcaption></figure>



For&nbsp;the first time, African countries have made nutrition a key focus of their continent-wide agricultural development strategy. The recent endorsement of the latest 10-year Comprehensive Africa Agriculture Development Programme (CAADP)&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://rr-africa.woah.org/app/uploads/2025/01/English-CAADP-Strategy-and-Action-Plan-2026-2035_250111_165547.pdf">Strategy and Action Plan</a>&nbsp;marks a significant shift in which food quality is prioritised alongside quantity to sustainably improve food production while also ensuring healthy diets.



Nutrition is central to all of the objectives of the Kampala Declaration. By addressing malnutrition in all of its forms, as well as its underlying drivers, societies are better equipped to cope with the risks of climate change and disasters, and the erosion of human capital that comes as a consequence of unhealthy diets.



However, each African country faces its own unique set of challenges, from barriers to agricultural production and climate variations to specific dietary and&nbsp;health&nbsp;concerns. In particular, the different manifestations of malnutrition across Africa, from undernutrition to overweight and&nbsp;obesity,&nbsp;mean that fulfilling the Kampala Declaration will&nbsp;require&nbsp;country-level&nbsp;strategies that address individual contexts as a whole-of-society endeavour.



Governments in every African country must therefore find their own ways to integrate nutrition across all relevant departments and ministries, which include&nbsp;health, agriculture, education, and economy. And there is no time to waste. With just two months until the&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://nutritionforgrowth.org/">Nutrition&nbsp;for&nbsp;Growth Summit</a>&nbsp;(N4G),&nbsp;a&nbsp;global&nbsp;event that fosters financial and political commitments, countries have a narrow window in which to set out their commitments and garner support from the international community.



New data mean parliamentarians across the continent now have a greater understanding of the scale of all forms of malnutrition in Africa alongside the cost of inaction. A staggering&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.unicef.org/reports/child-food-poverty">64 million children</a>&nbsp;under five years of age are estimated to live in severe food poverty. This results in inadequate nutrition or undernutrition, which inhibits physical and cognitive development, limiting children’s future productivity to just&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://openknowledge.worldbank.org/entities/publication/2c0b8b5e-0f67-47fe-9eae-d4707d9ed195">40%</a>&nbsp;of its potential and hampering Africa’s future development.



Beyond undernutrition, obesity – another form of malnutrition – is identified as an equally pressing challenge stalling progress in many African countries. Nearly a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://openknowledge.fao.org/server/api/core/bitstreams/d5be2ffc-f191-411c-9fee-bb737411576d/content">third</a>&nbsp;of adults in Northern and Southern Africa are classified as obese, a trend linked to dietary shifts toward processed foods. Combined, all forms of malnutrition leave Africa’s entire population vulnerable to shocks, including climate extremes, poverty, and disease outbreaks. Integrating nutrition into all sectors can help governments future-proof communities against the impact of these shocks.



Moreover, the benefits of integrating nutrition into national strategies and budgets extend to human development and economic growth.&nbsp;For&nbsp;instance, a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://openknowledge.worldbank.org/entities/publication/2c0b8b5e-0f67-47fe-9eae-d4707d9ed195">return</a>&nbsp;of up to $23 is expected&nbsp;for&nbsp;every dollar invested in addressing undernutrition in a typical African country. At the same time, investing in nutrition interventions supported by national policy actions to address the underlying causes and impacts of malnutrition would allow healthy growth and development of the population, which, in turn, increases a country’s productivity.



Tanzania’s National Nutrition Strategy is an inspiring&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://scalingupnutrition.org/resource-library/case-studies/case-study-leveraging-office-prime-minister-enhance-nutrition">example</a>&nbsp;of how integrating nutrition into national development agendas could help African leaders address the different forms and impacts of malnutrition. Under the leadership of H.E. President Samia Suluhu Hassan, Tanzania actively raised awareness about nutrition among parliamentarians and fostered partnerships with private and civil society actors.



This led to the development of the country’s National Nutrition Strategy, which established nutrition coordination committees and interventions across all regions, councils and sectors, leading to&nbsp;improvements in nutrition outcomes, particularly among women and children. As an early member of the&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://scalingupnutrition.org/">Scaling Up Nutrition Movement</a>&nbsp;in 2010, Tanzania has benefited from&nbsp;global&nbsp;networks that have helped build the capacities of local communities to implement effective nutrition interventions and sustain these efforts into the future.



Like Tanzania, other African countries must now focus their attention on how each can incorporate nutrition across all regions and sectors to deliver on the objectives of the CAADP Strategy and Action Plan.



The year ahead offers multiple opportunities, including South Africa’s&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://g20.org/g20-south-africa/g20-presidency/">Presidency of the G20</a>, to consolidate new commitments to tackling malnutrition at national levels. Alongside the&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://nutritionforgrowth.org/">Nutrition&nbsp;for&nbsp;Growth Summit</a>&nbsp;in March, the extension of the&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.who.int/teams/nutrition-and-food-safety/global-targets-2025">World&nbsp;Health&nbsp;Assembly&#8217;s targets on nutrition</a>&nbsp;to 2025 also provide critical moments&nbsp;for&nbsp;reinforcing the urgency of tackling malnutrition. The&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://scalingupnutrition.org/">Scaling Up Nutrition Movement</a>’s own&nbsp;Global&nbsp;Gathering at the end of the year will be an important moment to work on the implementation of commitments made at the Nutrition&nbsp;for&nbsp;Growth Summit, showcase country case studies and further galvanise support from the&nbsp;global&nbsp;community. All will be essential&nbsp;for&nbsp;driving investment into the special fund established under the CAADP Strategy and Action Plan to support nutrition-sensitive agricultural development.



By aligning national policies, budgets, and actions with the goals of the Kampala Declaration, African countries can foster well-nourished populations that are better equipped to adapt to climate change, improve economic productivity, and build more resilient societies. I am confident that the opportunities in 2025 will help to underpin the collective effort we need from all stakeholders—governments, the private sector, and civil societies alike.

CSIS Tanzania Arusha Day Two-2019-Sala Lewis-221

Africa’s renewed focus on nutrition will help build resilient and productive societies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-820x547.png" alt="" class="wp-image-590211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-820x547.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-300x200.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-135x90.png 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-768x512.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1-1536x1024.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/thumbnail_image-1.png 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mr. Godfrey Moagi, CEO of SANPC, Dr. Bongani Siyadini, COO of PASA, and Hon. Gwede Mantashe, Minister of Mineral Resources, at the SANPC presentation during AEW 2024.</figcaption></figure>



In a seismic shift poised to reshape South Africa’s energy sector, the South African National Petroleum Company (SANPC), a state-owned entity, has officially debuted, marking the beginning of a new chapter in South Africa’s energy transformation journey. At the helm of this transformation is CEO Godfrey Moagi, recently named the only South African on the African Energy Chamber’s (AEC) prestigious “Top 40 Movers and Shakers to Watch in 2025.”



The AEC’s annual list celebrates leaders who exemplify innovation, strategic vision, and tangible impact in Africa’s energy sector. Moagi’s inclusion reflects his alignment with the AEC’s core pillars: energy security, investment mobilization, and local empowerment. “The Top 40 list recognizes those driving Africa’s energy future through collaboration and transformative policies,” said NJ Ayuk, Executive Chairman of the AEC.



The SANPC’s debut at Africa Energy Week (AEW) 2024, held from 4-8 November in Cape Town, marked the first leg of the company’s Investor Roadshow Program, where it presented its bold vision to stakeholders across Africa, the Middle East, and Europe. The roadshow serves as a platform for forging strategic partnerships, promoting SANPC’s role in energy security, and positioning the company as a leader in Africa’s energy sector.



The SANPC merges three key historical entities in the industry: iGas, PetroSA, and the Strategic Fuel Fund (SFF). The merger, a strategic decision designed to unify and streamline South Africa’s energy resources, brings together vital infrastructure, expertise, and market opportunities under one roof. Moagi stresses that the consolidation will eliminate inefficiencies, optimize R1.5 billion in operational synergies, and unlock a R95 billion market opportunity critical for sustainable growth in an increasingly competitive global energy market.



At AEW 2024, the SANPC hosted a networking stakeholder breakfast session with Hon. Gwede Mantashe, Minister of Mineral and Petroleum Resources, affirming the company’s mandate. “SANPC represents a new era for South Africa&#8217;s energy landscape,” said Mantashe. “To improve operational efficiency within the Central Energy Fund (CEF) value chain and deliver shareholder value, we sought to minimize duplications that inhibit the Group from being a catalyst to reigniting the South African economy.”



South Africa faces significant energy security threats due to reliance on imports and reduced refining capacity. With imports already covering 65% of refined fuel needs, a figure projected to cost the economy R170–R174 billion annually by 2025, SANPC is prioritizing local infrastructure to stabilize supply chains. The country’s refining capacity has plummeted from 80% in 2010 to 35% in 2022, driven by aging infrastructure and underinvestment.



One of SANPC’s flagship projects under evaluation is the revitalization of the Gas-to-Liquids (GTL) refinery in Mossel Bay, a legacy asset currently non-operational due to feedstock shortages. The company is also assessing opportunities to convert shuttered refineries like Sapref into integrated petrochemical hubs, aligning with global trends to diversify into chemicals and offset volatile fuel margins.



Guided by the SANPC Bill, which empowers the company to streamline regulations and centralize import controls, SANPC aims to reverse import dependency. The Bill proposes tying fuel pricing to local refining costs, disincentivizing profit-driven import substitution by international oil companies.



Moagi’s regional vision aligns with the AEC’s emphasis on cross-border collaboration to address Africa’s energy deficits. At AEW 2024, he championed partnerships with Namibia in the shared Orange Basin, where joint development of offshore gas resources could benefit both nations. “By working together, we can close SADC’s projected 70% refining deficit by 2030 and create a unified, resilient energy sector,” Moagi remarked.



Globally, SANPC is leveraging partnerships with industry leaders like Petrobras to harness deepwater expertise while adhering to the AEC’s call for local capacity-building. “We look to Petrobras’s approach as a model for how we can harness South Africa’s offshore resources, especially in the Orange Basin,” Moagi noted.



In the wake of evolving global megatrends, SANPC will operate in an increasingly volatile, unpredictable, and disrupted world. South Africa’s fragile economy, with its urgent need for state-owned enterprises (SOEs) to drive infrastructure and industrial growth, underscores SANPC’s role as a catalyst for structural reform along the energy value chain.



“We are open to learning from global leaders, but our primary goal is to create a sector that serves South Africa’s people and strengthens our economy,” Moagi emphasized.



In May 2025, SANPC will participate in the Invest in African Energy (IAE) Forum in Paris, where Moagi will engage with global investors under the theme: “Pioneering Africa&#8217;s Energy Boom: Strategic Investment for Maximum Returns.”



“We are working toward a future where Africa is a net energy exporter, and SANPC is at the forefront of this transformation,” Moagi concludes. As SANPC advances an integrated energy future, it will address South Africa&#8217;s energy challenges, foster regional growth, and solidify its place as a cornerstone of Africa’s energy renaissance.

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SANPC CEO Godfrey Moagi Named as the Only South African on Africa’s Top 40 Energy Leaders List 2025

David Beckham reflects on what made him successful on and off the pitch

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="447" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/EZE77FVNOZJDZBIVDI2UJD5UNM-1.avif" alt="" class="wp-image-590203"/><figcaption class="wp-element-caption">A drone view shows South Africa&#8217;s Sasol petrochemical refinery in Sasolburg, southwest of Johannesburg, South Africa, November 19, 2024. REUTERS/Thando Hlophe/File Photo</figcaption></figure>



Feb 24 (Reuters)&nbsp;&#8211;&nbsp;South African petrochemical firm Sasol&nbsp;SOLJ.Jis exiting the coal export market as it starts a de-stoning project to enhance the quality of feedstock into its core synthetic fuel and chemicals business, executives said on Monday.



Sasol produces fuel and chemicals from coal and gas, while exporting about 2 million tons of the fossil fuel annually.



However, the quality of the coal going into Sasol&#8217;s Secunda operations has been poor for years, mainly due to high stone content. This has resulted in the company producing low volumes of fuels and chemicals, persistently underperforming historical output levels around 7.6 million tons.



The company is repurposing its current coal export plant into one which reduces stone content to address the quality problem, CEO Simon Baloyi said during a results call.



The quality of the coal coming out of its mines &#8220;was no longer export quality&#8221;, Baloyi said, adding that the de-stoning project would restore fuel and chemical production to historical levels.



&#8220;We make more money by beneficiating coal into fuel and chemicals than we do selling it as export coal,&#8221; Sasol&#8217;s finance director Walt Bruns told Reuters in an interview.



Sasol will lease its allotted coal export quota at the Richards Bay Coal Terminal to other miners, Bruns added.



Earlier on Monday, Sasol reported a 31% decline in headline earnings per share to 14.13 rand ($0.7712)in the six months to December 2024, from 20.37 rand per share previously&nbsp;on a fall in oil prices and lower sales volumes.



The company said it did not declare a dividend because it ended the period with a negative free cash flow of 1.1 billion rand, while its net debt of $4.3 billion exceeded levels set in its capital allocation policy.



($1 = 18.3223 rand)



(Reporting by Nelson Banya; Editing by Sonali Paul, Tom Hogue and Chizu Nomiyama)

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Galp’s new well in Namibia’s Mopane finds more oil, shares rise

Vitol, Glencore win $380 million award in Nigerian LNG litigation

Nigeria’s NNPC, Stena Bulk and Caverton launch new shipping venture

Shell expects 60% rise in global LNG demand by 2040

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Google, Meta face penalties for anti-competitive behaviour towards South African news media

How Google, Microsoft And Amazon Are Racing To Solve The AI Energy Crisis

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Standard Bank, AfDB team up to Drive SMME growth

Value of Uganda’s coffee exports surge 83% in January on the year

Ethiopia central bank holds $60 million foreign exchange auction

Africa’s renewed focus on nutrition will help build resilient and productive societies

SANPC CEO Godfrey Moagi Named as the Only South African on Africa’s Top 40 Energy Leaders List 2025

David Beckham reflects on what made him successful on and off the pitch

Sasol exits coal export market, focuses on quality upgrade

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