Oct 19, 2009
Daily podcast – October 19, 2009Back
Johannesburg|Eskom|Gazprom|Oando|Vodafone|Africa|Europe|Ghana|Nigeria|Russia|South Africa|ZAR|Energy|Energy Producer|Gas Producer|Gas Reserves|Oil And Gas Assets|Pascal Lamy|Wale Tinubu
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Monday, October 19, 2009.
From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
South African power utility Eskom is making provision for an international bond issuance during the first half of 2010. This is as part of a planned programme to raise some 40-billion-rand a year between 2010 and 2013, so as to partly cover funding shortfalls associated with its 400-billion-rand build programme.
However, other financing opportunities are also being interrogated, owing to the fact that the utility is still forecasting a 30-billion to 80-billion-rand "funding gap" over the next three years, notwithstanding an extensive borrowings programme and assumptions of material tariff increases.
The 40-billion-rand-a-year borrowings plan, as well as the expectation of a 30-billion-rand funding deficit, is itself premised on a controversial request for tariff adjustments of 45% a year over three years. But Eskom has also indicated that the figure will be closer to 80-billion-rand should the National Energy Regulator of South Africa approve increases of closer to 30%.
The two companies signed a memorandum of understanding to collaborate in building the infrastructure and pipelines for the distribution of gas in Nigeria, which holds the world's seventh-largest proven gas reserves.
Oando chief executive Wale Tinubu says that the Gazprom partnership will provide the leverage to further accelerate its gas development programme. Oando will provide local technical expertise, while Gazprom will bring its wealth of experience as Europe's largest gas operator.
Oando didn't specify which projects would fall under the new alliance. Oando is Nigeria's largest fuel retailer and gas distributor.
The head of the World Trade Organisation, Pascal Lamy, says that poor countries will have to wait for the Doha Round of trade talks to conclude and are unlikely to get an advanced package directed to them before then.
That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.
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