Major International Business Headlines Brief::: 08 November 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  08 November 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya: Tourists Exempted From Declaring IMEI Numbers Upon Arrival

ü  Kenya: Will Trump Scrap Biden's Kenya Trade Deal and Revive 2020 Talks?

ü  Nigeria: Federal Govt Slashing Oil Project Timelines, Cut Industry Costs
By 40%

ü  Nigeria: Cardoso Showcases 1-Year Achievements, Commits to $1 Billion
Remittance Target

ü  Nigeria: How Bank's Recapitalization 'Ll Boost Lending to Real Estate -
Expert

ü  Nigeria's Equity Market Rebounds With N217 Billion Gain

ü  Nigeria: Tinubu's Economic Policies Yielding Positive Results - Minister

ü  Nigeria: Blackout - Why National Grid Collapse'll Not End Soon - Experts

ü  Nigerians Use 336 Gigabytes Per Second - Report

ü  Nigeria: Dangote, Pinnacle Oil Signed Deal for Product Distribution
Facility

ü  China is trying to fix its economy. Trump could derail those plans

ü  COP29 chief exec caught promoting fossil fuel deals

 


 <mailto:info at bulls.co.zw> 

 


 

Kenya: Tourists Exempted From Declaring IMEI Numbers Upon Arrival

Nairobi — The Kenya Revenue Authority (KRA) has exempted tourists from
declaring the International Mobile Equipment Identity (IMEI) numbers of
their gadgets upon arrival, aiming to maintain seamless entry for visitors
while enhancing tax compliance.

 

Tourism Cabinet Secretary Rebecca Miano emphasized Kenya's role as a gateway
to East Africa and its positioning as a regional hub for tourism and
business, underscoring the need for easy accessibility.

 

"KRA has announced that tourists will NOT be required to declare their
gadgets' IMEI numbers upon arrival. Kenya's strategic location as the
gateway to East Africa positions it as a regional hub for tourism and
business and must therefore remain easily accessible," said Miano in a
Friday statement.

 

 

Miano noted her collaboration with relevant authorities to prioritize a
smooth, welcoming experience for visitors to Magical Kenya.

 

This exemption comes after KRA's November 6 directive, which requires
passengers entering Kenya to declare their mobile phones, including IMEI
numbers, as a new tax compliance measure starting January 1, 2025.

 

The regulation aims to strengthen tax compliance and reinforce Kenya's
mobile device market integrity.

 

The directive will require all importers and assemblers to submit detailed
entries--such as model descriptions, quantities, and IMEI numbers of mobile
devices--through KRA's Customs portal. Compliance will also include
obtaining permits from the Communications Authority of Kenya (CA).

 

KRA has advised importers and stakeholders to familiarize themselves with
these requirements to ensure compliance and a smooth importation process.

 

Capital FM.

 

 

Kenya: Will Trump Scrap Biden's Kenya Trade Deal and Revive 2020 Talks?

Former US President Donald Trump's return to the White House has cast
uncertainty over trade talks between Kenya and the United States, which were
revived under President Joe Biden.

 

The Biden administration had launched a strategic trade and investment
partnership with Kenya in 2021, replacing the formal negotiations initiated
by Trump in 2020.

 

Officials in Washington and Nairobi had been racing to finalise the
agreement before the US presidential election, with initial plans indicating
a possible conclusion next month.

 

The discussions covered 10 key areas, including agriculture, digital trade,
climate action, and trade facilitation.

 

It remains unclear whether Trump will revert to his initial trade agenda or
continue with the framework set by the Biden administration or cancel it all
together.

 

Trump and Kenya's then-President Uhuru Kenyatta first announced plans for
formal trade negotiations in February 2020, aiming for a deal within two
years. Talks stalled after the November 2020 US presidential election.

 

 

A shift in US leadership often brings policy uncertainty, as incoming
administrations typically reassess or reverse their predecessors'
initiatives.

 

Kenyan President William Ruto, seen as a key ally by Washington, made a
State visit to the White House in May, marking the first such visit by an
African leader during the Biden presidency.

 

While Kenya is not a significant US trade partner globally, it remains one
of Africa's most dynamic economies and the second-largest beneficiary of the
African Growth and Opportunity Act (AGOA), excluding crude oil.

 

The US also regards Kenya as a strategic regional partner, benefiting from
substantial American security and foreign assistance and hosting the largest
US embassy in sub-Saharan Africa.

 

Business Day Africa.

 

 

 

Nigeria: Federal Govt Slashing Oil Project Timelines, Cut Industry Costs By
40%

The Nigerian government is working to slash oil project timelines and cut
industry costs by 40 per cent through new executive orders signed by
President Bola Ahmed Tinubu.

 

These reforms aim to streamline the contracting process, compressing it to a
maximum of six months, and enhancing fiscal incentives for non-associated
gas projects.

 

This is as International oil companies (IOCs) have shifted over $82 billion
in investments away from Nigeria since 2013, primarily due to bureaucratic
challenges and security concerns.

 

Special adviser to the President on Energy, Olu Verheijen who made these
known, urged investors to seize new opportunities in Nigeria's energy
sector, highlighting untapped potential and recent reforms to attract
capital.

 

 

Speaking to a diverse audience, at the ongoing African Energy Week in Cape
Town, South Africa, she underscored the untapped potential within the
industry and discussed the recent reforms implemented by the President Bola
Tinubu administration to attract investment.

 

Verheijen, in a statement by the director information, State House, Abiodun
Oladunjoye, noted that the country has historically underperformed in oil
and gas production despite Nigeria's wealth in the oil and gas industry.

 

She referenced how countries like Brazil that has only 30 per cent of
Nigeria's oil reserves has outperformed by producing 131 per cent more than
current production of Nigeria.

 

"Despite our abundant endowments, we have underperformed against our
potential. For example, Brazil holds only 30 per cent of Nigeria's oil
reserves but produces 131 per cent more. This is largely due to
under-investment," she said.

 

 

She said that since 2016, Nigeria has attracted only four per cent of
African oil and gas investments, while investment has surged in other, less
resource-rich nations.

 

"Since 2016, Nigeria has managed to attract only four per cent of total
investments in oil and gas, while less resourced countries in Africa have
enjoyed a bigger share. When we analysed investment data, we also found
that, between 2013, when Nigeria's last deepwater project reached FID, and
now, IOCs operating in Nigeria have committed more than $82 billion in
deepwater investments in other countries that they have deemed to be more
attractive destinations for their capital."

 

Recognising this trend, the presidential aide highlighted many efforts by
President Tinubu's administration to enact reforms aimed at reshaping
Nigeria's investment landscape.

 

 

Among these initiatives, she said the government has introduced fiscal
incentives targeting deep offshore and non-associated gas projects, marking
the first time Nigeria has outlined a fiscal framework specifically for
deepwater gas.

 

In efforts to enhance the upstream Oil and Gas sector, she said her office
has collaborated closely with the office of the National Security Adviser to
create and distribute focused Security Directives, leveraging insights
garnered from on-ground operators.

 

Additionally, Verheijen revealed steps to streamline approval processes by
clearly defining the regulatory scopes involved.

 

This initiative, she said, aims to significantly reduce the extended project
timelines that have historically plagued the industry, as well as the
high-cost premiums associated with operating in Nigeria.

 

She added, "Our target is to shorten the contracting timelines from an
extensive 38 months to just 135 days, while also working to eliminate the 40
per cent cost premium that currently exists within the Nigerian petroleum
industry.

 

The presidential aide also revealed efforts by the current President Tinubu
administration to further open up the oil and gas sector for bigger
investments with a set of clear fiscal incentives for Non-Associated Gas and
Deep offshore Oil & Gas exploration and production.

 

"This is the first time that Nigeria is outlining a fiscal framework for
Deepwater gas since exploration in the basin commenced in 1991," She said.

 

According to her, amongst other initiatives, there has been a focus on
midstream and downstream investments in Compressed Natural Gas, (CNG),
liquefied petroleum gas, and electric vehicles as part of the Presidential
Gas for Growth Initiative.

 

She added that the administration has also worked to streamline regulatory
processes, shorten project timelines, and reduce the high-cost premium of
operating in Nigeria.

 

"We have also introduced fiscal incentives to catalyse investments in the
midstream and downstream sectors, including, Compressed Natural Gas (CNG),
Liquefied Petroleum Gas (LPG), and Mini Liquefied Natural Gas (LNG).

 

"These align with the broader Presidential Gas for Growth Initiative, which
seeks to enable the displacement of PMS and Diesel in three key sectors:
heavy transport, decentralised power generation and cooking. These
incentives are also stimulating demand for Electric Vehicles.

 

"Our goal is to eliminate the 40 per cent cost premium within the Nigerian
petroleum industry and cut down contracting timelines from 38 months to 135
days," Verheijen stated.

 

She said the government has unlocked over $1 billion across the energy value
chain, with two more major investment projects expected by mid-2025.

 

"We are also facilitating the transfer of onshore and shallow water assets
to local companies with the capacity to grow production, while supporting
the transition of International Oil Companies, with resilient capital, into
deep offshore and integrated gas. We have unlocked over $1 billion in
investments across the value chain and by the middle of 2025 we expect to
see FID on two more projects, including a multibillion-dollar deepwater
exploration project, which will be the first of its kind in Nigeria in over
a decade - one of many to come.

 

Verheijen also addressed efforts by the Tinubu administration to revamp the
nation's power sector, with plans to provide more reliable electricity
access for the 86 million Nigerians currently underserved.

 

She said the scheme aims to improve revenue assurance and collection.

 

Other key measures include tackling legacy debt, deploying seven million
smart meters to reduce losses, and expanding off-grid solutions for remote
communities.

 

By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers
in urban areas and industrial hubs.

 

Highlighting recent macroeconomic reforms such as petrol subsidy removal and
foreign exchange liberalisation, Verheijen expressed confidence that Nigeria
is set for unprecedented growth.

 

"Under President Tinubu's leadership, Nigeria is championing reforms to
unlock its vast economic potential and create jobs," she concluded, inviting
foreign partners to participate in Nigeria's next chapter of growth.

 

Leadership.

 

 

 

 

Nigeria: Cardoso Showcases 1-Year Achievements, Commits to $1 Billion
Remittance Target

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has
outlined critical milestones in the bank's ongoing economic reform agenda,
including a new target to increase foreign remittances to $1 billion
monthly.

 

He made the announcement in his keynote address at a symposium on economic
reforms and the unveiling of the compendium, "Promoting Stability in an Era
of Economic Reforms: The Journey So Far", on Thursday in Abuja.

 

This marks the first anniversary of the bank's management team.

 

Reflecting on the transformative policy actions of the past year, Cardoso
emphasised the CBN's steadfast commitment to stabilising the economy,
curbing inflation, and restoring investor confidence.

 

 

In a statement, he noted that the event was not a celebration but an
acknowledgement of the bank's milestones achieved in the past year, despite
the crisis that prevailed when he and his team assumed office in 2023.

 

He described the past year as one of the bank's most challenging yet
transformational, as the Bank had been able to address the credibility
deficit it faced at the time.

 

According to the CBN governor, the reforms had started to yield positive
results, including marked improvements in the FX market and a stabilisation
of foreign reserves, which have now surpassed the $40 billion mark, the
highest in 33 months.

 

While noting that inflation remained elevated, he said it was on a downward
trend, signalling that the reforms were taking hold in restoring market
equilibrium and fostering growth.

 

 

Cardoso further detailed the inherited economic challenges, such as the GDP
growth slowdown to 2.31 per cent in Q1 2023, a significant decline from
earlier years, and a sharp rise in inflation to 24.1 per cent by mid-2023.

 

He noted that the CBN had confronted these pressures with a robust policy
response in the past 12 months, prioritising measures to enhance stability
in the foreign exchange (FX) market, improve monetary policy and curb
inflation.

 

To address the fiscal deficit, he highlighted the impact of the "Ways and
Means Advances" by the CBN, which reached N22.7 trillion by mid-2023,
necessitating urgent action. He also addressed the country's capital
importation challenges, with foreign direct investments and portfolio
investments falling dramatically over the past decade.

 

The apex bank govenor acknowledged the adverse effects of multiple exchange
rate windows, which encouraged arbitrage, reduced foreign investment, and
led to a backlog in FX settlements.

 

 

The revenue losses attributed to these exchange rate issues were estimated
at N6.2 trillion in 2022 alone.

 

In response to these, he said the CBN had undertaken a series of impactful
reforms, including a recalibration of the Monetary Policy Rate (MPR),
raising it by 850 basis points to 27.25 per cent, alongside an increase in
the Cash Reserve Ratio for commercial banks to 50 per cent.

 

These adjustments, Cardoso emphasised, were critical to addressing
inflationary pressures and fostering a stable economic environment.

 

According to him, the centrepiece of the reforms was the CBN's new 2024-2028
Corporate Strategy, branded with the values of Integrity, Meritocracy,
Professionalism, Accountability, Courage, and Tenacity (IMPACT).

 

As part of this strategy, he said the Bank had moved away from quasi-fiscal
interventions and was committed to orthodox monetary policies and
streamlined FX windows to restore market confidence.

 

He said the CBN had also implemented new Bureau de Change (BDC) operations
guidelines to enhance regulation and minimise FX market disruptions.

 

Governor Cardoso also highlighted the Bank's drive to improve internal
efficiency, leveraging a "Digital-First Initiative" that has automated key
processes, reduced operational costs, and introduced data-driven tools for
effective policy-making.

 

The Integrated Data Collection and Sharing Portal (IDSP) and a new Investor
Relations Unit were established to foster a transparent and data-centric
environment that encourages investment and supports the bank's economic
objectives.

 

While thanking his team and the bank's staff for their cooperation, Cardoso
expressed optimism about the future and called for strong leadership, a
unified vision, and collective resilience to address Nigeria's challenges
and pursue the nation's economic aspirations.

 

In his goodwill message, the Governor of Lagos State, Mr. Babajide
Sanwo-Olu, lauded the CBN management team for their dedicated effort toward
stabilising the economy.

 

He commended the team's commitment to self-assessment, noting their
willingness to critically review their performance, ask candid questions,
and seek constructive feedback from industry stakeholders.

 

Sanwo-Olu, accompanied by Governor Hope Uzodinma of Imo State, emphasised
the importance of collaboration between fiscal and monetary authorities,
underscoring the need for unified policymaking that communicates a cohesive
goal and message to the public.

 

In his welcome address, the Deputy Governor, Economic Policy, Mr. Muhammad
Sani Abdullahi, highlighted that the occasion was about recognising the
Central Bank of Nigeria's emerging accomplishments and celebrating the
collective journey the institution had undertaken as a unified team.

 

Reflecting on the challenges faced over the past year, he emphasised how
each obstacle had offered valuable opportunities for learning, development,
and growth, demonstrating the resilience of the bank's management and staff.

 

Speaking further, he highlighted the unveiling of the compendium, "Promoting
Stability in an Era of Economic Reforms: The Journey So Far," as the focal
point of the event.

 

He described the book as a reflection of the Bank's shared vision,
dedication, and commitment to excellence in navigating a dynamic economic
landscape.

 

The compendium, he noted, encapsulated the values of collaboration,
resilience, and determination that had driven the institution's
transformative journey.

 

This Day.

 

 

 

 

Nigeria: How Bank's Recapitalization 'Ll Boost Lending to Real Estate -
Expert

A real estate expert and Chief Executive Officer (CEO) of Manroe Realty
Limited, a real estate company, Dr. John Edumoh has stated that the current
drive by the Central Bank of Nigeria to recapitalize the banking sector will
impact the real estate market positively boosting lending.

 

Speaking to Daily Trust on Thursday, on the implications of recapitalization
on the sector, he noted that "With the banking sector's recapitalization,
banks across Nigeria are strengthening their capital bases to meet new
regulatory requirements, enhancing financial stability, and increasing their
lending capacity. This shift is expected to have profound positive impacts
on the Nigerian real estate sector, creating a fertile ground for companies
like Manroe Realty to thrive.," he said.

 

 

Speaking further, Dr. Edumoh believes that one of the most immediate
benefits of the banking recapitalization is the increased access to
financing for real estate developers as banks bolster their capital adequacy
ratios, they can extend more substantial loans and credit facilities to the
real estate sector.

 

On what the development will mean for the real estate sector and
ManroeRealty, he said "The recapitalization effort means we can secure more
favorable financing terms for our projects, enabling us to undertake larger
and more ambitious developments. This access to capital, for the company
allows Manroe Realty and other real estate companies to expand its
portfolio, including residential, commercial, and mixed-use properties.

 

The real estate expert further believes that the recapitalization of the
banking sector will restore investor confidence, and make Nigeria a more
attractive destination for international capital.

 

He added that Manroe Realty is keenly aware of the importance of
infrastructure in real estate development adding that "The enhanced
financial capacity of banks, thanks to recapitalization, is expected to
support large-scale infrastructure projects across the country as improved
infrastructure, such as roads, power, and water supply, directly benefits
real estate by increasing property values and making locations more
attractive,"

 

Daily Trust.

 

 

 

Nigeria's Equity Market Rebounds With N217 Billion Gain

Japaul Gold led the activity chart in volume with 100.93 million, while
Julius Berger led in value of deals worth N4.55 billion.

 

The equity market rebounded on Thursday, adding N217 billion to investors'
portfolios.

 

The gain was driven by stocks like Zenith Bank, Access Corporation and
Aradel.

 

Specifically, the market capitalisation rose by 0.37 per cent, increasing
from N58.515 trillion to N58.732 trillion.

 

Similarly, the All-Share Index gained 0.37 per cent, closing at 96,924.86
points, up from Wednesday's 96,567.24.

 

 

This increase made the Year-To-Date (YTD) to stand at 29.62 per cent, with a
positive market breadth of 33 gainers and 17 losers.

 

Conoil and Aradel Holdings led the gainers' table by 10 per cent each to
close at N236.50 and N441.20 per share, respectively.

 

Eunisell gained 9.42 per cent to close at N8.20, JohnHolt added 9.77 per
cent to close at N4.38, while Thomas Wyatt Nigeria advanced by 9.71 per cent
to close at N1.92 per cent.

 

Tantalizers led the losers' table by 6.25 per cent to close at 60k, NGX
Group trailed by N5.81 per cent to close at N23.50 per share.

 

Wema Bank lost 5.63 per cent to close at N7.55, RT Briscoe decreased by
N4.46 per cent to close at N3, while FCMB declined by 3.59 per cent to close
at N9.40 per share.

 

Analysis of the market activities showed that trade turnover settled higher,
compared to the previous session, with the value of transactions increasing
by 64.10 per cent.

 

A total of 744.5 million shares valued at N16.48 billion were exchanged in
9,700 deals, compared with 418.39 million shares valued at N10.04 billion
traded in 9,021 deals posted previously.

 

Meanwhile, Japaul Gold led the activity chart in volume with 100.93 million,
while Julius Berger led in value of deals worth N4.55 billion.

 

(NAN)

 

Premium Times.

 

 

 

 

Nigeria: Tinubu's Economic Policies Yielding Positive Results - Minister

"You see, we are not seeing it physically but in terms of indices ... you
will see that the economy is performing."

 

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun,
says the incumbent government's economic policies are improving Nigeria's
revenue and the hardship the policies are causing is temporary.

 

Mr Edun stated this on Thursday during an interactive session with members
of the Senate Committee on Finance.

 

President Bola Tinubu's economic policies, especially the removal of the
petrol subsidy and the floating of the naira, have increased hardship in the
country. The policies have also forced many foreign companies, especially
manufacturers and energy firms, to quit operations in Nigeria.

 

 

The minister, while briefing the senators, said the economic policies have
started yielding positive results.

 

He said that, given the positive indicators, more investors would soon be
attracted to the country, and many jobs would be created.

 

"The two critical reforms on market-based price of Premium Motor Spirit
(PMS) and foreign exchange are now at the stage of results delivery and, by
extension, the viability of the nation's economy through restoration of
fiscal viability.

 

"These two pillars of the economic reforms that have taken positive shape
now portend additional revenue for government, recovery of the finances of
NNPCL and strong basis for growing the economy, in terms of attracting
investment and creating of jobs," he said.

 

 

Mr Edun also appreciated the endurance of Nigerians amidst the hardship.

 

"I think we need to commend Nigerians for staying the cause to this stage of
getting benefits," he said.

 

After Mr Edun's remarks, the Senate Committee went into a closed-door
session, which lasted for about five hours.

 

The Group Executive Officer of Nigerian National Petroleum Company Limited
(NNPCL), Mele Kyari, and the Director General of Upstream Petroleum
Regulatory Commission (NUPRC), Gbenga Komolafe, also attended the
closed-door session.

 

Issues

 

The Chairman of the Senate Committee on Finance, Sani Musa, briefed
journalists after the closed-door session. He said they deliberated on
issues related to the sale of crude oil in Nigeria's local currency.

 

Mr Musa, the senator representing Niger East Senatorial District, noted that
the federal government's team also clarified that the sale of crude oil in
naira would not affect the country's foreign reserve and that the government
will not reintroduce susbsidy through the back door.

 

He added that they also discussed how to reduce inflation and ensure food
security in the country.

 

When asked whether Mr Tinubu's economic policies are yielding positive
results, the senator said he believes so because the country's debt-to-GDP
ratio has reduced.

 

"I can tell you I believe in what he has said because when you are talking
about GDP, our debt ratio to GDP if you are talking about reduction in the
debt ratio, you will see that it has come down from 90 something to about 60
something.

 

"You see, we are not seeing it physically but in terms of indices that give
and compute where the ratings are done, you will see that the economy is
performing," he added.

 

Premium Times.

 

 

 

 

Nigeria: Blackout - Why National Grid Collapse'll Not End Soon - Experts

Nigeria's weak electricity grid system collapsed again yesterday barely 24
hours after a committee set up by the Federal Government to end the national
power grid incessant collapses submitted its report.

 

The collapse, the second time this week and the 10th in 2024 left the
country without public power supply with power generation and distribution
companies taking huge financial hits and customers expressing frustrations.

 

Meanwhile, power sector stakeholders have warned that the incessant national
grid collapse may persist, except urgent steps are taken to address the
several challenges bedevilling the power sector. These factors they said
include obsolete equipment, inadequate gas supply, improper coordination of
plants and gas pipelines, lack of operating/spinning reserve and voltage
support scheme, lack of reliable Supervisory Control and Data Acquisition,
SCADA, vandalism, tripping of critical infrastructure lines, lack of
reliable communication facility, lack of visibility on the DISCOs network
and corruption.

 

 

Latest grid collapse

 

Data from the National System Operator showed that the grid, which had been
recovering from the collapse that occurred October 6th, had peaked at
4,360.8MW on Wednesday with lowest generation at 1,454.64MW. The NSO data
indicated that the grid supplied 2,709.45MW as of 11am yesterday but dropped
dramatically to 4.5MW at 12pm with only Afam VI (3.7MW) and Omoku (0.8MW)
power plants on the grid.

 

It, however, began a gradual recovery at 1pm reaching 104.8MW with Azura IPP
(91MW) back on the grid.

 

 

In an update on the latest power supply setback, the Transmission Company of
Nigeria, TCN, attributed it to "a sudden rise in frequency from 50.33Hz to
51.44Hz".

 

TCN General Manager, Public Affairs, Ndidi Mbah said recovery efforts were
ongoing to restore the grid.

 

"TCN wishes to inform the public that the national grid experienced a
disturbance at approximately 11:29 AM this morning, caused by a sudden rise
in frequency from 50.33Hz to 51.44Hz. Recovery efforts began immediately,
and the Abuja Axis was restored within 28 minutes. Recovery is still
ongoing.

 

"The frequency spike was caused by issues encountered at one of TCN's
substations, which had to be shut down to prevent further complications. In
addition to this, we are actively engaged in significant repair work on
several critical transmission lines and substations. This includes the 330kV
transmission lines along the Shiroro-Mando axis, major upgrades at the Jebba
Transmission Substation, and the restoration of the second Ugwuaji-Apir
330kV transmission line.

 

 

"Furthermore, following the submission of the investigative report on the
causes of previous grid collapses, we have begun addressing the identified
weaknesses in the transmission system. Efforts are being made to close the
gaps highlighted in the report, and to enhance the overall stability and
resilience of the grid. These efforts include both technical upgrades and
strategic interventions based on the committee's recommendations.

 

"However, it is important to note that while these repairs and improvements
are underway, some degree of instability in the system is likely to persist
until all major works are completed. We acknowledge the impact of these
disruptions and ask for the understanding and patience of the public during
this challenging period.

 

"TCN remains committed to improving the reliability of electricity supply,
recognizing the vital role that stable power plays in Nigeria's
socio-economic development. We assure the public that all necessary measures
are being taken to ensure the grid's long-term stability, in line with the
recommendations of the investigative committee, while also addressing
infrastructure damage such as vandalized transmission lines", she stated.

 

Also confirming the latest grid collapse, several electricity distribution
companies, including Ikeja Electric and Eko DISCOs, in separate circulars,
apologised to their customers for the disruption caused by the incident.

 

According to a circular to its customers, Ikeja Electric stated: "Dear
Esteemed Customer. Please be informed that we experienced a system outage
today 07 November 2024 at 11:29Hrs affecting supply within our network.

 

"Restoration of supply is ongoing in collaboration with our critical
stakeholders. Kindly bear with us. Signed: Management."

 

Similarly, Eko DISCO said: "Dear Valued Customer. Kindly be informed that at
precisely 11.29 hours of today, 7th November 2024, we experienced the
simultaneous loss of supply across our network.

 

"A potential system failure or collapse is suspected. We are currently
working with our partners as we hope for speedy grid restoration."

 

Also, Jos Electricity Distribution Company (Jos Disco) in a statement
obtained from its verified Facebook page, confirmed the current power outage
and attributed it to the loss of power supply from the national grid.

 

"The loss of power supply from the national grid occurred this morning at
about 11:28 hours of today, Thursday, 7th November 2024, hence the loss of
power supply on all our feeders."

 

"We hope to restore normal power supply to our esteemed customers as soon as
the grid supply is restored to normalcy."

 

 

Speaking to Vanguard, a top official in one of the leading power generation
companies lamented that GENCOS have incurred huge losses since frequent
collapses began last month.

 

The official, who did not wish to be named for fear of victimisation said:
"If you know how much we have lost commercially you won't be asking that
question and that is not counting the damages done to our machines by the
frequent shutdowns.

 

"Who will pay for the damages? TCN? FG that owes us so much? NERC? NBET? I
can tell you that the industry is in a precarious situation and it would
collapse if nothing is done urgently to arrest these failures", the source
stated.

 

To date, the grid has collapsed ten times this year, with multiple failures
occurring in a single month.

 

Meanwhile, the latest grid collapse occurred barely 24 hours after a
committee set up by the federal government to investigate the recent grid
collapse submitted its report.

 

The committee, headed by the Executive Director of System Operations at the
TCN, Engr. Nafisatu Asabe Ali, had identified a poor maintenance culture and
inadequate and aged equipment, among other challenges, as underlying reasons
for the continuous multiple collapses of the national power grid witnessed
in recent months.

 

But operators have called for more investment in the infrastructure of
Transmission Company, TCN and Distribution Companies, DISCOs, to end the
ongoing grid collapses

 

Speaking on the issue of incessant grid collapses, the President, Chartered
Institute of Power Engineers of Nigeria, CIPEN, Engr. Israel Abraham, blamed
politics involved in taking decisions on where to site grid infrastructure
as well as poor maintenance culture for the current grid challenges.

 

Engr. Abraham noted that significant investment was needed to replace the
old lines and networks before the grid would stabilize.

 

"The grid is a connection from generation to transmission to distribution
and up to the consumer where you are. It involves all the wires and
networks. It is the connection of interconnections of all these equipment
and accessories. Most of these equipment are aged and they need to be
replaced. You need to reconduct the lines because they have been there for
decades.

 

"To reconduct the lines means you have to remove the old ones and put in new
ones or you upgrade it from maybe a lower capacity to a higher one. These
things are necessary because as the population grows, you have more people
taking power in certain areas and you need to reconduct or you need to
upgrade such facilities".

 

He pointed out that the location of most substations across the country were
not driven by expert decisions but politically made with equipment sited at
locations where they are not needed causing imbalance in the system

 

"If you now have a situation whereby you are not in control to do what you
need to do, I go back to that same word again of patronage, you find that
you just do what you are asked to do. And if you do what you are asked to
do, then you will have what you should have.

 

"But if we can actually take charge completely and you have professionals
deciding what to do, then some of these things will gradually fade out
because we will be able to make professional decisions. For instance, in
this very environment where we are right now, maybe they need a transformer
that is just maybe 500 kVA.

 

"But if the owner of this place is politically savvy, he can force the
government or pass through some politicians and they will bring it in as a
constituency project and put maybe a one-megawatt transformer. Now, what
happens is the rest is wasted and it also hurts the grid system".

 

He urged the Federal Government to summon the political will and ensure that
the right things are done in the sector, and also permanently end the
culture of political patronage in the execution of projects in the power
sector.

 

SCADA is a system used for controlling, monitoring, analyzing and
stabilizing power supply

 

Vanguard gathered that these and other issues would not be eliminated soon
because of many reasons, especially the huge costs and time required to put
appropriate systems in place.

 

It was also gathered that even if adequate funds were available, the
government would still need much time to negotiate and place orders to
enable foreign manufacturers to produce and ship them to Nigeria, meaning
that the frequent system collapse would persist for a long time.

 

Practical approach in solving grid collapse -PowerUp Nigeria

 

Speaking to Vanguard on the development, Executive Director, PowerUp
Nigeria, Adetayo Adegbemle, said: "Many factors culminate in system collapse
but these are very negatively impacting. It should be noted that system
collapse occurs as a result of frequency variation when the pull from
consumer ends is sharply different from what generation can supply.

 

"A system collapse is like what happens when you put on your generator in
the house, but the load in the house surpasses the capacity that your
generator can supply. The system collapse affects the Electricity Generation
Companies, GENCOs, as it causes damage to the generating plants.

 

"It also affects the economy because all economic activities that depend on
electricity are shut down or disrupted until the grid is restored, thereby
causing losses, both financially and damages to electrical systems. Some
manufacturing equipment will not function until there is frequency balance
on the grid.

 

"There are systems that are supposed to be installed to maintain the grid,
and used for grid system planning. The SCADA system is meant to help balance
the grid and plan for such occurrences, but unfortunately, we have spent so
much funds and time getting this system installed, we are still not sure
when this will be completed by the Transmission Company of Nigeria.

 

 

"Experts have also been harping on the need to have a spinning reserve to
mitigate against such grid collapses. The Spinning Reserve is meant to serve
as a buffer in cases of frequency imbalance

 

"The power sector should look at pooling resources to complete the
installation of the SCADA system and procure a spinning reserve to forestall
future occurrences."

 

Adegbemle accused the Transmission Company of Nigeria, TCN, of many of
Nigeria's system collapses, stressing, "It is also my belief that management
of the grid system, in this case, the TCN, should be made responsible for
future occurrences. That is why we have engineers and experts leading these
key infrastructure in the country."

 

Gencos advocate more practical approach

 

Meanwhile, Chief Executive Officer of Association of Power Generating
Companies, APGC, Dr. Joy Ogaji, has called for a more practical approach in
solving the crisis.

 

Speaking at the public hearing on incessant grid collapses, organized by the
Nigerian Electricity Regulatory Commission (NERC), Ogaji, calls for
proactive measures in addressing the problems causing the collapse.

 

She said, "So, while I am not saying that spinning reserve is a solution, I
believe that putting a spinning reserve and the free governor mode side by
side can cure the volatility on the grid, because research shows that about
hundreds of steel mills operate on our grid, and we know what steel mills
does to frequency."

 

She further said the association did a study and found out that 95 percent
of the time, from 2013 till date, the grid has not been in compliance with
the grid code requirement of 50 hertz.

 

"It has always been out of frequency requirement of the grid."

 

Grid collapse embarrassing - DISCOs

 

Similarly, the DISCOs had described the frequent grid collapses as
embarrassing, saying that it has dented their reputation.

 

Speaking for the DISCOs, Umar Sanni Bello, representative of the Jos
Electricity Distribution Company (JEDC), said the development had made some
of its big customers, like manufacturers, threaten to leave the company.

 

"Right now we have continued to manage these threats, but with these
constant outrages, it is more difficult. We are likely to lose both big and
regular customers to other spaces if this continues. "

 

Decentralize grid - Iledare, Yusuf

 

In the views of Prof. Wumi Iledare, a Professor Emeritus in Petroleum
Economics and Policy Research, there is a need to decentralize the national
grid to attain efficiency.

 

"The grids are incapable of transmitting the electrons fed into it. They are
old infrastructure. Here lies the need to decentralise the electrical power
system governance and management."

 

For Chief Executive Officer of the Centre for the Promotion of Private
Enterprise, CPPE, Dr. Muda Yusuf, the frequency of the grid collapse is
becoming very embarrassing.

 

"There is a need to do something urgently about it and it should be treated
as an emergency and in fairness, I am aware the minister of power has taken
some steps setting committees to look into it.

 

"From my view, there are so many several reasons for grid collapse. The
government has the responsibility to ensure it minimises the disruptions and
dislocation that these collapses are causing the economy.

 

"This is because the alternative to power supply is very expensive, which
are petrol, diesel or gas generators. These are very costly and thus
affecting the cost of productions and operations, especially when you think
of other pressures businesses are facing at this time. Challenges of Foreign
exchange, FOREX, high interest rate, high cost of imports and clearing
cargoes, high cost of transportation, and we cannot allow this additional
burden to compound the problem, So something has to happen fundamentally.

 

"But we need to decentralize the grid and it has to be done very urgently.
This is so that when there is a grid problem, it can be localised. Because
the National grid's framework is too centralized in such a way that what
happens in Jebba or Oshogbo substation, it affects everywhere in the
country."

 

Propane, a way out - Oilserv

 

Continuing, Chief of Staff of Oilserv Group of Companies, Mr. Cephalus
Wariri, highlighted the vast potential of propane to reshape Nigeria's
energy landscape by providing cleaner, cost-effective, and decentralized
power solutions.

 

According to him, "Nigeria's persistent energy challenges, which include
unreliable grid infrastructure, inefficiencies in power delivery, and
escalating operational costs have affected millions of Nigerians.

 

"Off-grid solutions have emerged as essential for closing the electricity
gap, but not all off-grid sources offer sustainable, cost-effective, or
eco-friendly options."

 

Wariri, who presented research co-authored with Prof. Obindah Gershon of the
Centre for Economic, Policy, and Development Research (CEPDeR) at Covenant
University, underscoring propane's advantages as an off-grid solution.

 

He said, "Our study revealed that propane-powered generators could reduce
CO, emissions by 13.8 percent to 31.1 percent compared to diesel, based on
generator-load matching. Also, propane provides notable economic benefits;
its generators reduce the Levelized Cost of Electricity (LCOE) by 10.52
percent to 45.25 per cent relative to diesel, while the fuel itself is
approximately 41.64 percent cheaper per gallon than Automotive Gas Oil
(AGO). With these cost savings, propane-powered systems stand out as both a
cleaner and more affordable alternative for Nigeria's off-grid energy
sector."

 

Vanguard.

 

 

 

 

Nigerians Use 336 Gigabytes Per Second - Report

The Nigerian Communications Commission (NCC) has announced a significant
surge in daily data usage, with a 39% increase from last year, averaging 336
gigabytes per second.

 

This growth underscores the country's shift towards a data-driven lifestyle.
Executive Vice Chairman Maida Wada shared these insights at the 93rd Telecom
Consumer Parliament in Abuja.

 

However, despite this growth, many consumers express frustration over rapid
data depletion.

 

Maida emphasized that Nigeria is not alone in addressing these concerns,
citing countries like Botswana as example.

 

 

He said the NCC has taken steps to address these issues, analyzing consumer
complaints and identifying data depletion and billing as primary concerns.

 

As Nigeria continues to navigate its digital transformation, the NCC's boss
said efforts to address consumer concerns and promote sustainable growth
will be crucial in shaping the country's digital future.

 

Citing a recent global report on data usage, the NCC Chief said there are
now over 5 billion internet users, with Nigeria alone accounting for 132
million connections.

 

According to him, Nigerians spend an average of 4 hours and 20 minutes on
social media daily, far above the global average, underscoring how deeply
embedded digital interaction is in our lives.

 

On the parliament, he said the theme was timely, as internet use has become
essential to daily life, and their role at the NCC is to not only to ensure
accessibility but to enhance service delivery for consumers.

 

He said, "Over the past two decades, the telecommunications landscape in
Nigeria has transformed from basic voice services to high-speed data that
connects, informs, and powers innovations.

 

"With the rollout of 3G, 4G, and now 5G, we've seen Nigerians adopting
social media, e-commerce, online banking, and more.The introduction of 3G
networks in the mid-2000s marked the beginning of this shift, enabling basic
browsing and email. The leap to 4G

 

LTE brought faster speeds, enabling video streaming, online gaming, and a
myriad of digital activities.

 

"Now, with 5G promising even faster speeds and lower latency, new frontiers
are opening for innovations such as smart cities, autonomous vehicles, and
the Internet of Things, driving further demand for data.

 

"Today, as data consumption grows, fueled by digital advancements, we must
address consumer concerns over data depletion and billing transparency."

 

The parliament featured panel, and interactive sessions where aggrieved
consumers unbottled their complaints and sought regulatory intervention.

 

Vanguard.

 

 

 

 

Nigeria: Dangote, Pinnacle Oil Signed Deal for Product Distribution Facility

At the backdrop of the recent controversy between Dangote Refinery and
Pinnacle Oil & Gas Limited over petroleum products imports and distribution,
it is now revealed that the two companies have existing agreement over the
operation of the Pinnacle Oil's product distribution terminal at the Lekki
free zone area.

 

Making this disclosure yesterday in Lagos, the Managing Director of Pinnacle
Oil, Mr Robert Dickerman, said his company had built a terminal in Lekki
Free Zone at great expense for the benefit of far greater efficiency in the
distribution of petroleum products throughout Nigeria with the cooperation
of Dangote Group in a 13-year agreement, wondering why Dangote would turn
round to allege that the facility was set up to undermine the refinery.

 

 

Earlier this week Dangote Refinery had accused Pinnacle Oil of involvement
in importation and distribution of substandard petroleum products to the
detriment of its locally refined products.

 

But Dickerman stated: "In our effort to further enhance distribution
efficiency, we proposed and invested in pipelines to distribute petroleum
products from the Dangote Refinery, as pipeline transfer is far less costly
than distribution by ship or trucking across the country.

 

"When we proposed this project to Dangote, they wholeheartedly agreed and
signed a 13-year interconnection agreement with us.

 

"In addition, Dangote facilitated our process of achieving regulatory
approval by writing two Letters of No Objection to the regulator to enable
our project to proceed".

 

Recommending a free market principle for Nigeria's petroleum market,
Dickerman said, "It is Pinnacle's firm position, as well as the position of
any educated economist or market watcher, that the optimal solution to
Nigeria's energy security and pricing is a market-based solution that
encourages all sources of supply, be they from local refineries, imports or
any other source. "These suppliers must adhere to the strict specifications
of the market and product must be handled safely. But the consumer should be
indifferent to the source of supply, as long as the product is good
quality,and the price is the lowest attainable. This solution demands
competition".

 

 

Prior to the Pinnacle terminal, all imported cargo had to be transferred to
smaller vessels due to the shallow draft restrictions across Nigerian ports.

 

Industry experts say this extra vessel charter, along with the associated
costs of delay, has been inflating the delivered cost for many years.

 

Dickerman said that with the Pinnacle terminal, full cargoes can offload in
less than 40 hours and sail away without any ship-to-ship transfer or
delays.

 

According to him this has been working extremely well for the country since
operations began in 2021.

 

He added, "the Dangote Refinery would be well advised to utilize this system
and help keep prices at market levels, so the entire industry can avoid
supply disruptions and price shocks. There is no need or desire to re-create
the distribution network where every truck must load at one point for the
entire country"

 

Vanguard.

 

 

 

 

China is trying to fix its economy. Trump could derail those plans

China is expected to unveil new measures to boost its flagging economy, as
it braces for a second Donald Trump presidency.

 

Trump won the election on a platform that promised steep import taxes,
including tariffs as high as 60% on Chinese-made goods.

 

His victory is now likely to hinder Xi Jinping’s plans to transform the
country into a technology powerhouse – and further strain relations between
the world’s two biggest economies.

 

A property slump, rising government debt and unemployment, and low
consumption have slowed down Chinese growth since the pandemic.

 

So the stakes are higher than ever for the latest announcement from the
Standing Committee of the National People’s Congress (NPC), the executive
body of China's legislature.

 

During his first term in office Trump hit Chinese goods with tariffs of as
much as 25%.

 

China analyst Bill Bishop says Trump should be taken at his word about his
new tariff plans.

 

"I think we should believe that he means it when [he] talks about tariffs,
that he sees China as having reneged on his trade deal, that he thinks China
and Covid cost him the 2020 election".

 

The pressure from Washington did not ease after Trump left the White House
in 2021. The Biden administration kept the measures in place and in some
cases widened them.

 

While the first wave of Trump tariffs were painful for China, the country is
now in a much more vulnerable position.

 

The economy has been struggling to return to pre-pandemic levels of growth
since abruptly abandoning its tight Covid restrictions two years ago.

 

Instead of delivering a widely expected fast-paced recovery, China became a
regular source of disappointing economic news.

 

Even before Trump's election victory and after China began rolling out
measures to support its economy in September, the International Monetary
Fund (IMF) lowered its annual growth target for the country.

 

The IMF now expects the Chinese economy to expand by 4.8% in 2024, at the
lower end of Beijing's "about 5%" target. Next year, it projects China's
annual growth rate will drop further to 4.5%.

 

How China’s crackdown turned finance high-flyers into ‘rats’

As communist China turns 75, can Xi fix its economy?

But the country's leaders were not caught entirely off guard by the end to
decades of super-fast growth.

 

Speaking in 2017, President Xi said his country planned to transition from
"rapid growth to a stage of high-quality development."

 

The term has since been used repeatedly by Chinese officials to describe a
shift to an economy driven by advanced manufacturing and green industries.

 

But some economists say China cannot simply export itself out of trouble.

 

China risks falling into the type of decades-long stagnation that Japan
endured after a stock and property bubble burst in the 1990s, Morgan Stanley
Asia's former chairman, Stephen Roach, says.

 

To avoid that fate, he says China should draw "on untapped consumer demand"
and move away from "export and investment-led growth".

 

That would not only encourage more sustainable growth but also lower "trade
tensions and [China's] vulnerability to external shocks," he says.

 

This more robust economic model could help China fend off the kind of
threats posed by Trump's return to power.

 

New economy, old problems

But China, which has long been the world’s factory for low-cost goods, is
trying to replicate that success with high-tech exports.

 

It is already a world leader in solar panels, electric vehicles (EVs) and
lithium ion batteries.

 

According to the International Energy Agency (IEA) China now accounts for at
least 80% of solar panel production. It is also the biggest maker of EVs and
the batteries that power them.

 

The IEA said last year that China's investments in clean energy accounted
for a third of the world's total, as the country continued to show
"remarkable progress in adding renewable capacity."

 

"For sure there is an overall effort to support high-tech manufacturing in
China," says David Lubin, a senior research fellow at London based-think
tank, Chatham House.

 

"This has been very successful", he adds.

 

Exports of electric vehicles, lithium ion batteries and solar panels jumped
30% in 2023, surpassing one trillion yuan ($139bn; £108bn) for the first
time as China continued to strengthen its global dominance in each of those
industries.

 

That export growth has helped soften the blow to China's economy of the
ongoing property crisis.

 

“China’s overcapacity will increase, there is not doubt about it. They have
no other source of growth,” said Alicia Garcia-Herrero, chief economist for
the Asia Pacific region at investment bank Natixis.

 

But along with those increased exports, there has been a rise in resistance
from Western countries, and not just the US.

 

Just last month, the European Union increased tariffs on Chinese-built EVs
to as much as 45%.

 

"The problem right now is that large recipients of those goods including
Europe and the US are increasingly reluctant to receive them," said Katrina
Ell, research director at Moody's Analytics.

 

Today, as Trump is set to head back to the Oval Office with a pledge to
hammer Chinese imports, Beijing will have to ask itself whether its latest
measures to boost its slowing economy will be enough.-BBC

 

 

 

 

COP29 chief exec caught promoting fossil fuel deals

A senior official at COP29 climate change conference in Azerbaijan appears
to have used his role to arrange a meeting to discuss potential fossil fuel
deals, the BBC can report.

 

A secret recording shows the chief executive of Azerbaijan's COP29 team,
Elnur Soltanov, discussing "investment opportunities" in the state oil and
gas company with a man posing as a potential investor.

 

"We have a lot of gas fields that are to be developed," he says.

 

A former head of the UN body responsible for the climate talks told the BBC
that Soltanov's actions were "completely unacceptable" and a "betrayal" of
the COP process.

 

Reuters A sign announcing the COP29 United Nations Climate Change Conference
November 11-22 2024, against a backdrop of white multi-storey apartment
buildings Reuters

Baku is hosting this year's COP29 United Nations Climate Change Conference

As well as being the chief executive of COP29, Soltanov is also the deputy
energy minister of Azerbaijan and is on the board of Socar.

 

Azerbaijan's COP29 team has not responded to a request for comment.

 

Oil and gas accounts for about half of Azerbaijan's total economy and more
than 90% of its exports, according to US figures.

 

COP29 will open in Baku on Monday and is the 29th annual UN climate summit,
where governments discuss how to limit and prepare for climate change, and
raise global ambition to tackle the issue.

 

However, this is the second year in a row the BBC has revealed alleged
wrongdoing by the host government.

 

The BBC has been shown documents and secret video recordings made by the
human rights organisation, Global Witness.

 

It is understood that one of its representatives approached the COP29 team
posing as the head of a fictitious Hong Kong investment firm specialising in
energy.

 

He said this company was interested in sponsoring the COP29 summit but
wanted to discuss investment opportunities in Azerbaijan's state energy
firm, Socar, in return. An online meeting with Soltanov was arranged.

 

Getty Images A red and green oil pump at an oil well in the capital city
Baku, with apartment blocks, a screen and a park in the background 

Getty Images

Azerbaijan has rich oil and natural gas deposits

During the meeting, Soltanov told the potential sponsor that the aim of the
conference was "solving the climate crisis" and "transitioning away from
hydrocarbons in a just, orderly and equitable manner".

 

Anyone, he said, including oil and gas companies, "could come with
solutions" because Azerbaijan’s "doors are open".

 

However, he said he was open to discussions about deals too – including on
oil and gas.

 

Initially, Soltanov suggested the potential sponsor might be interested in
investing in some of the "green transitioning projects" Socar was involved
in - but then spoke of opportunities related to Azerbaijan's plans to
increase gas production, including new pipeline infrastructure.

 

"There are a lot of joint ventures that could be established," Soltanov says
on the recording. "Socar is trading oil and gas all over the world,
including in Asia."

 

Soltanov then described natural gas as a "transitional fuel", adding: "We
will have a certain amount of oil and natural gas being produced, perhaps
forever."

 

The UN climate science body, the Intergovernmental Panel on Climate Change,
acknowledges there will be a role for some oil and gas up to 2050 and
beyond. However, it has been very clear that "developing
 new oil and gas
fields is incompatible with limiting warming to 1.5C".

 

It also goes against the agreement the world made at the last global climate
summit to transition away from fossil fuels.

 

A simple guide to climate change

Soltanov appeared eager to help get discussions going, telling the potential
sponsor: "I would be happy to create a contact between your team and their
team [Socar] so that they can start discussions."

 

A couple of weeks later the fake Hong Kong investment company received an
email - Socar wanted to follow up on the lead.

 

Attempting to do business deals as part of the COP process appears to be a
serious breach of the standards of conduct expected of a COP official.

 

These events are supposed to be about reducing the world's use of fossil
fuels – the main driver of climate change – not selling more.

 

The standards are set by the UN body responsible for the climate
negotiations, the United Nations Framework Convention on Climate Change
(UNFCCC).

 

The UN said it could not comment directly on our findings but remarked that
"the same rigorous standards" are applied to whoever hosts the conference,
and that those standards reflect "the importance of impartiality on the part
of all presiding officers".

 

Its code of conduct for COP officials states they are "expected to act
without bias, prejudice, favouritism, caprice, self-interest, preference or
deference, strictly based on sound, independent and fair judgement.

 

"They are also expected to ensure that personal views and convictions do not
compromise or appear to compromise their role and functions as a UNFCCC
officer."

 

Getty Images Dressed in a smart blue dress and flanked by the flags of the
United Nations and France, Christiana Figueres makes a speech during the
opening of COP21 in Paris in 2015Getty Images

Christiana Figueres, who presided over the historic Paris agreement, says
doing deals on fossil fuels is a “betrayal” of the COP process

Christiana Figueres, who oversaw the signing of the 2015 Paris agreement to
limit global temperature rises to well below 2C, told the BBC that she was
shocked anyone in the COP process would use their position to strike oil and
gas deals.

 

She said such behaviour was "contrary and egregious" to the the purpose of
COP and "a treason" to the process.

 

The BBC has also seen emails between the COP29 team and the fake investors.

 

In one chain, the team discusses a $600,000 (£462,000) sponsorship deal with
a fake company in return for the Socar introduction and involvement in an
event about "sustainable oil and gas investing" during COP29.

 

Officials offered five passes with full access to the summit and drafted a
contract which initially required the firm to make some commitments to
sustainability. Then it pushed back, one requirement was dropped and
"corrections" were considered to another.

 

The BBC asked Azerbaijan's COP29 team and Socar for comment. Neither
responded to the requests.

 

The findings come a year after the BBC obtained leaked documents that
revealed plans by the UAE to use its role as host of COP28 to strike oil and
gas deals.

 

COP28 was the first time agreement was reached on the need to transition
away from fossil fuels.-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


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Bulls n Bears 

 

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