Petrodel Resources returns to Tanzania
Dubai-based oil and gas producer Petrodel Resources has announced its intention to revive its operations in Tanzania. Petrodel will invest approximately $80m to meet first well commitments in Tanga and a combined total of $20m to complete final and additional work in both Kimbiji and Latham to bring the fields into production. It first acquired the licences in 2006. It is estimated that for the required infrastructure to be in place will take two years. Production and shipments of gas is expected to commence in 2025.
$1.5bn AfDB facility to boost African food production
The African Development Bank (AfDB) has approved a $1.5bn facility to help African countries avert a looming food crisis. The African Emergency Food Production Facility will provide 20m African smallholder farmers with certified seeds. It plans to increase access to agricultural fertilisers and enable farmers to rapidly produce 38m tonnes of food, a $12bn increase in food production in just two years. If successful, the strategy will lead to the production of 11m tonnes of wheat, 18 million tonnes of maize, 6m tonnes of rice and 2.5m tonnes of soybeans.
Commodity demand to slow, says World Bank
The World Bank says that overall commodity demand is likely to continue to increase in the years ahead, but at a slower rate than over the past two decades. This is due to slower anticipated population and income growth, as well as economic changes, such as China’s shift toward a more service and consumerbased economy. Commodity Markets: Evolution, Challenges, and Policies, which looks at market development over the next 30 years, says that demand for metals for renewable energy infrastructure and electric vehicles will surge, while fossil fuel consumption will be much reduced.
Smurfit Kappa invests €35m to construct new packaging plant in Morocco
Corrugated packaging company Smurfit Kappa has announced the construction of a new packaging plant in Morocco, its first corrugated plant in the country. The firm says it will invest €35m in the plant, which will be located in Rabat and cover an area of 25,000 square metres. The plant, which is expected to be operational in early 2023, will create packaging for the industrial, agriculture, FMCG, automotive, pharma and ceramics sectors and serve local companies and multinationals based in Morocco.