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The African Export-Import Bank and the African Petroleum Producers’ Organisation signed a deal in May to create a multi-billion-dollar “energy bank” to boost private investment in the sector but analysts say there a few quick fixes on the horizon.
However, getting the refinery online would require $40 million in new investment, industry sources said, which the country can ill afford as it contends with a growing mountain of debt and a double-digit fiscal deficit.The 42 000 bpd Limbe refinery has been shut since a fire in 2019, but a directive from the president’s office seen by Reuters asked the finance minister on April 22 to put plans in place quickly to revamp the heavily indebted plant.
Nigeria’s airlines threatened to suspend domestic flights due to soaring jet fuel costs before backtracking. The country subsidises fuel at a high cost, but not diesel or jet fuel.Senegal’s 27 000 bpd SAR refinery in Dakar has been offline since November for repairs and the country’s gasoil supplies were down to just three days at the end of April, triggering long waits for motorists at pumps.
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